SINGAPORE — While this may be the first Christmas since 2020 where practically all restrictions have been eased, many in Singapore say they will be spending less than they usually do, a new poll says.
The reason for this: higher costs of living.
A new YouGov study shows that in comparison to the 12 per cent of adult respondents in Singapore who say they’ll spend more than usual for year-end festivities this year, 35 per cent are planning on spending less.
Meanwhile, 20 per cent say that this Christmas will be business as usual when it comes to what they’ll spend.
Interestingly, the younger members of society, Gen Z, are ready to shell out more than the older cohorts, with 27 per cent stating they expect to spend the “normal” amount this Christmas.
YouGov gathered responses from 1,027 adults in Singapore who participated in an online survey last week, on Dec 15 and said the respondents reflect the latest Singapore Department of Statistics (DOS) estimates.
As for budgets, the highest number of respondents (36 per cent) said they’ll spend between $101 and $500 over the holidays, while 26 per cent say they’ll spend less than $50, and 24 per cent say they’ll be shelling out between $51 and $100.
Only nine per cent of the respondents are prepared to spend between $501 to $1,000, and an even smaller number—just five per cent—said they expect to spend over $1,000 for year-end holidays.
As to where exactly Singaporeans will be spending less, here are the top three choices for scaling back: 42 per cent of the respondents said that they’d cut back on spending on gifts, while 34 per cent said they’ll reduce spending on gatherings with family, friends, and colleagues.
Meanwhile, 32 per cent said they’ll be shelling out less on outings to attractions or Christmas markets.
Additionally, 30 per cent say they’ll reduce the amount they usually spend on staycations, and nearly as many (29 per cent) said they’ll scale back on the amount spent on travelling to visit family and friends.
“These trends on cutbacks were largely consistent when analysed instead by demographic breaks, with people across all ages still looking to reduce spending on presents, gatherings, and outings the most.
Notably, older residents were most likely to say they would reduce spending across most categories, particularly for presents (44% for 35 – 44; 45% for 45 – 54) and gatherings (39% for 45 – 54),” YouGov said. /TISG