SINGAPORE: As the Lunar New Year draws near, Singaporeans are finding a balance between upholding cherished traditions and keeping a watchful eye on their spending.
According to a recent Singapore Business Review article, while family reunions and festive meals remain at the heart of the celebrations, many are focusing their budgets on key purchases such as food, clothing, and entertainment. Insights from a recent survey reveal how consumers are navigating the holiday season with a blend of enthusiasm and financial prudence.
Food takes centre stage in spending plans
With food being an integral part of Chinese New Year celebrations, it’s no surprise that it leads the list of spending priorities. A survey by Milieu Insight shows that 28% of respondents plan to spend between $100 and $299 on food, while 19% expect to shell out between $300 and $499. Sweet snacks (61%) and fresh fruits and vegetables (52%) are among the most popular items on shopping lists.
Supermarkets are the go-to destination for most shoppers, with 78% choosing to shop in-store or online for their festive food needs.
Clothing and fashion – A mix of tradition and trend
Clothing also plays a significant role, with many Singaporeans investing in new outfits for the occasion. Thirty per cent of those surveyed plan to spend between $100 and $299 on festive attire, particularly among those aged 55 and above. While traditional shopping malls remain the preferred choice for clothing, younger age groups are increasingly turning to online platforms. In particular, the 16-24 age group is gravitating towards online fashion retailers, with 21% choosing websites over physical stores.
Additionally, 19% of shoppers aged 35-44 are turning to online marketplaces like Shopee and Lazada for their festive fashion needs.
Family and festive gatherings at the heart of celebrations
At the core of the celebrations, family reunions remain paramount. A staggering 92% of respondents express excitement about gathering with loved ones, with 74% attending reunion dinners out of tradition and 36% doing so to reconnect with family members. Despite the increasing availability of travel options, the majority—78%—plan to celebrate the Lunar New Year locally, with only 13% intending to travel abroad.
This year’s festive period underscores the importance of family connections, even in a time of economic sensitivity.
Consumer trends highlight value and discounts
As Singaporeans prepare for the festivities, many are becoming increasingly savvy about their spending. The survey reveals that 54% of participants actively seek out deals and promotions, while 40% are more inclined to purchase discounted products even if they aren’t specifically looking for them. This heightened focus on value presents a significant opportunity for businesses to align their promotions with the festive spirit while offering consumers the savings they desire.
While Singaporeans are eager to celebrate the Lunar New Year with tradition and family, there’s a clear shift towards more mindful spending, said Juda Kanaprach, co-founder and chief commercial officer at Milieu Insight. This makes it essential for businesses to offer relevant, timely promotions that resonate with consumers and enhance the festive experience without breaking the bank.
In a season marked by tradition and togetherness, it’s clear that Singaporeans are finding ways to celebrate in a way that reflects both cultural values and evolving consumer habits.