Chart of the Day: Clothing and footwear spending to expand 4.9% by 2024

Each Singaporean is expected to spend $928 yearly on apparel in 2020.

This chart by Fitch Solutions shows that clothing and footwear spending in Singapore is expected to progressively grow over the period of 2020-2024, with consumer spending on apparel expected to expand by 4.9% in 2024.

Singapore is also estimated to record the fourth highest clothing and footwear spending per capita in Asia at $928 per annum.

Fitch reports that Hong Kong residents spend the most per capita on clothing and footwear spending, shelling out $8,347 per annum. Macau followed with a total spending of $1,347 per year, whilst South Korea rounded up the top three at $967 per annum.

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