SINGAPORE: A new report by Milieu Insight shows that Singaporeans still hold Chinese New Year traditions close to their hearts, with 92% saying they’re excited about family reunion dinners and spending time with loved ones.
The survey, conducted from Oct 25-30, 2024, involved 503 respondents aged 16 to 55. It was found that 74% of the attendees attended reunion dinners due to tradition, 53% out of family obligation, and 36% for the sheer joy of it.
Other reasons for attending include sharing content on social media and enjoying great food and drinks. Interestingly, only 3% said they skip reunion dinners altogether.
78% say they plan to celebrate CNY locally
The report also revealed that 78% of Singaporeans plan to stay in the country for the festivities.
While there is a growing sentiment of fleeing to another country for the holiday, only 13% of respondents expressed planning to travel abroad. Interestingly, most of those planning to travel are in the 25-34 age group, making up 22% of that demographic.
Spending habits: Food, Fashion, Beauty, and Entertainment
The report also provided insights into locals’ spending habits, revealing how much they plan to spend on food, fashion, beauty, and entertainment and where they prefer to shop.
For food, 28% of respondents plan to spend between S$100 and S$299, while 19% want to splurge more, spending between S$300 and S$499. Sweet snacks and fresh fruits and vegetables are some of the most popular purchases, with 61% and 52% of respondents planning to buy them, respectively.
As for where they’ll shop, most respondents (78%) plan to visit supermarkets, whether in-store or online, to make their purchases.
Despite the growing popularity of online shopping, 58% of respondents said they still prefer to shop for clothes in physical stores.
On the other hand, 21% choose to shop directly on fashion retailers’ websites, with the 16-24 age group making up the largest share of online shoppers in this category.
Additionally, 19% plan to shop on popular e-commerce platforms like Shopee and Lazada, where they can find a wider range of products and potentially better deals. Notably, most of these e-commerce shoppers are aged 35-44.
Regarding beauty, 35% of respondents said they won’t be spending anything in this category, possibly due to prioritizing other expenses. However, 26% of people plan to allocate around S$99 for beauty treatments, while 18% are ready to spend between S$100-299, mostly for facial treatments (45%) and haircuts or styling (75%).
As for entertainment, 25% of people said they wouldn’t be spending anything on this category, with the largest portion of non-spenders coming from the 16-24 age group.
Meanwhile, the other 25% are looking to spend between S$1-99 on movie tickets and streaming services like Netflix, with 38% of this group coming from the same age range.
More than half say they’re on the lookout for promotional deals
Regarding promotional deals, 54% of respondents stated they are actively searching for discounts on CNY items, while 40% said they aren’t specifically looking for promotions but still prefer to purchase discounted products when available.
Drawing from the study’s findings, Juda Kanaprach, Co-Founder and Chief Commercial Officer at Milieu Insight, said:
“As we approach the Lunar New Year, it’s clear that Singaporeans still value tradition and family gatherings. The study focuses on how consumers balance their desire for meaningful celebrations with an increased sensitivity to value and discounts. This makes it critical for businesses to provide timely and relevant promotions that reflect the festive spirit while meeting consumer expectations.”
Featured image by Milieu Insight