Average household spending is on the rise in Singapore, according to the Household Expenditure Survey conducted by Singapore Department of Statistics. The survey, which is conducted every five years, showed that average household expenditures increased by $1,372.58 or 40.95% from 2002-2013. The next five-year reporting period is expected to show a similar trend in the increase of overall household spending. Right now, the average expenditures for families in Singapore is $56,688 each year. Of that amount, annual clothing and footwear expenditures represent 3.3% or $1,872.
|Average Total Monthly Expenditures by Income|
|Overall Average||Income Quintiles|
In addition to the increase in the average total household expenditures, the survey also showed similar trends in the overall average of expenditures for clothing and footwear. From 2002-2013, the average monthly expenditures for clothing and footwear increased by $28.94 or 22.77%.
|Average Monthly Expenditures for Clothing and Footwear by Income|
|Overall Average||Income Quintiles|
Contrary to the aforementioned increases in household spending, the average cost of clothing has fluctuated. Not only that, th price trend of clothing items has varied by product with items like jeans and Nike shoes showing an average increase in price and items such as dresses and dress shoes showing an average decrease in price over the last 7 years.
|Average Cost- Clothing and Footwear||2010||2011||2012||2013||2014||2015||2016|
|1 Pair of Jeans-Levis or similar||S$143.33||S$112.33||S$112.83||S$124.97||S$106.15||S$106.90||S$100.10|
|1 Summer Dress||S$78.00||S$74.83||S$66.59||S$64.04||S$62.18||S$60.58||S$56.75|
|1 Pair Nike’s (Mid-range)||S$120.75||S$106.36||S$118.82||S$136.10||S$126.62||S$125.31||S$121.98|
|1 Pair Men’s Business Shoes||S$112.00||S$125.00||S$116.61||S$136.15||S$141.12||S$140.85||S$129.22|
Taking Advantage of Price Fluctuations for Clothing
With the average cost of clothing items decreasing, Singaporeans have an opportunity to buy more, for less money. With the variety of low cost retailers available in Singapore that offer high quality products, consumers should be able to dress comfortably on a limited budget.
For those looking to really optimise their shopping and get the most value out of their money, below are five retail outlets in Singapore that offer good quality products at a low price.
1. Lucky Plaza
Lucky Plaza is a longstanding shopping center located on Orchard Road, a very popular shopping district in Singapore. It offers a wide range of casual clothing items and shoes. Lucky Plaza is known for its extensive selection of inexpensive merchandise. Consumers can expect to find clothing items ranging from S$2-15 per piece.
2. Far East Plaza
Far East Plaza is also located on Orchard Road. It is a large shopping outlet that has six floors and 600 shops that carry clothing, accessories and other products. It is different from the Lucky Plaza in that it offers more Hong Kong, Korean and vintage selections at low prices. Many budget-conscious students shop this location for their clothing or footwear needs. Clothing prices here range from S$3-20 per piece.
3. City Plaza
City Plaza is another retailer that is located on Orchard Road. It is a mall that offers clothing and other items at wholesale cost. In order to take advantage of the low prices, it is beneficial to buy items in bulk. In addition to purchasing low cost items, customers can also sell their unused or barely used items at City Plaza. Clothing at this retailer is generally priced between S$5 and S$20 per piece.
4. Editor’s Market
The Editor’s Market is located on Orchard Road. It offers chic and trendy clothing for younger customers and families with teenaged children. It is similar to the City Plaza in that it offers customers the ability to purchase clothing in bulk. It is deemed as a street and alternative fashion destination. It offers a step-pricing system that allows customers to pay lower prices if they buy more products. The Editor’s Market also carries a large selection of name brand items. The clothing prices are a little more expensive and can range anywhere from S$20-S$50 per piece.
5. Anchorpoint Shopping Center
The Anchorpoint Shopping Center is different in that it offers a large stock of items from popular factory outlets. It is a two-story shopping center that is frequented by many professionals in the area. The Anchorpoint Shopping Center has a very laid-back atmosphere and offers a quiet comfortable environment for its customers. It is well-known by local residents and not a tourist area. It is also recommended as the best place in Singapore for factory outlet shopping. Many of the clothing products sold here are famous, well-known international brands. It offers deep discounts of 20-70% off name brand items. Clothing at this retail outlet can sell for S$5-30 per piece.
The article Five Low-Cost Retail Outlets in Singapore for families originally appeared on ValuePenguin.
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