Singapore consumers spend more as cautious habits still limit festive activity

Across Southeast Asia, travel is also the leading spending driver at 33%.

Singapore consumers are increasing their year-end spending, but remain the most conservative among Southeast Asian markets, according to UnaFinancial.

The firm found that 69% of Singaporeans spend more during the festive period, compared with 79% across SE Asia. The shares were higher in Vietnam (88%), Indonesia (84%), and the Philippines (73%).

Travel is the main driver of higher spending. Among Singaporeans who expect to spend more, 48% cite travel as the top reason, followed by gifts and celebrations at 23%, home and family expenses at 19% and shopping at 7%.

Borrowing remains relatively restrained in Singapore. Only 14% of respondents said their borrowing increases at year-end. 15% have previously used an online non-bank loan for festive spending, whilst 27% plan to do so this year, mainly to finance travel (17%).

Across Southeast Asia, travel is also the leading spending driver at 33%. Consumers in the region are more likely to take on additional borrowing: 35% report higher year-end borrowing, 36% have used an online non-bank loan for holiday expenses, and 46% plan to use one this year.

UnaFinancial said the findings are based on a survey of 400 consumers across Singapore, the Philippines, Vietnam, and Indonesia.

Analysts attributed Singaporeans’ lower propensity to borrow to higher incomes, better access to traditional credit, and generally conservative financial habits.

A NOTE FROM SINGAPORE BUSINESS REVIEW

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia