SINGAPORE: Singaporeans are digging deeper into their pockets this Chinese New Year, with the average budget for hongbaos, or red packets, rising by nearly S$100, according to survey findings released by UOB on Friday (Feb 6).
The average budget for red packets for the Year of the Goat is S$817, an increase of 13 per cent from 2014’s average of S$722, UOB said.
The bulk of the hongbao budget will be going to parents and parents-in-law, with each expected to receive S$209 and S$174 per person, respectively. Other top recipients include grandparents (S$106), spouses (S$191), siblings (S$98) and children, nephews and nieces (S$97).
Those on the receiving end said they plan to be more prudent with their takings. A total of 67 per cent of respondents said they would save the money, 9 per cent would use it to pay off debts and another 9 per cent would invest it. Less than half – 39 per cent – said they would spend it, while only 2 per cent said they would donate it to charity.
OVERALL BUDGET DOWN
Overall, Singaporeans plan to spend less this Chinese New Year, setting aside an average of S$2,345 – down 8 per cent from last year’s S$2,551 budget. Aside from the S$817 for red packets, an average of S$429 will be spent on travel, S$282 on reunion dinners and S$255 on new clothes……..
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