As more shops and businesses prepare to reopen, wallets and purses are a’ twitching – what do Singaporeans plan to splurge on after CB? Is there an appetite for spending?
Our May YKA study finds that 39% of Singaporeans claim they have spent more during the CB than in the period before. Increased spending was more evident amongst medium income families who may have spent more on home delivery of groceries and food.
Conversely, 43% of Singaporeans say they spent less during the CB than the period before. About one in four of 15-24-year-olds say they have reduced their spending by 50%, demonstrating how much of their disposable income was largely dedicated to lifestyle and leisure spending.
Having been cooped up at home for some time, more than half (57%) of Singaporeans intend to increase their spending post-Circuit Breaker. Dining out (still restricted in Phase 1) is the top choice, especially amongst older women and Gen Zers. Women are also more likely to splash on personal grooming while Gen Zers are keen to get acquire new threads (clothing) and men are more likely to want to get their hands on the latest tech gadgets.