Singapore consumers least likely to boost year-end spending in Southeast Asia

SINGAPORE: Singapore consumers are the least likely to increase their year-end spending in Southeast Asia, where 79% of respondents said they typically spend more at this time of year, according to UnaFinancial’s survey, which gathered responses from 400 consumers across Singapore, the Philippines, Vietnam and Indonesia.

Among Singapore consumers planning to spend more, 48% said it would be on travel, 23% on gifts and celebrations, 19% on home and family expenses, and 7% on shopping.

Only 14% said their borrowings typically rise at year-end. Still, 15% have previously taken online non-bank loans for festive occasions, with 27% planning to take one this year, mostly for holiday trips (17%).

Regionally, Vietnam topped the list for year-end spending, with 88% of consumers planning to spend more for festivities, followed by Indonesia at 84% and the Philippines at 73%.

Travel is the main reason for higher year-end spending (33%), followed by shopping for clothes and electronics (25%), home and family expenses (20%), and gifts and celebrations (19%). Meanwhile, a third of consumers (35%) increased their borrowings, while 31% did not.

About 36% previously used an online non-bank loan for festive spending, while 46% plan to take a digital loan for the holiday celebrations, mainly for trips (22%), gifts (13%), decorations (6%), and entertainment (5%). /TISG

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