File photo of pedestrians crossing a street in Orchard Road in Singapore.
SINGAPORE: Singaporeans’ expenditure is on the rise and house-brands have increased in popularity, according to a study of spending habits by Ipsos and SSI released on Tuesday (Feb 17).
Nearly half of the 966 people surveyed – aged 18 to 65 – increased expenditure in 2014 compared to 2013. A third of them said they maintained their expenditure while 15 per cent stated that they spent less.
NEW FAMILIES TO SUPPORT
The increase in expenditure was driven by the 30 to 39 age group, with 53 per cent claiming an increase in spending from 2013. This was attributed to the need to support younger or new families.
However, only 37 per cent of the 40 to 44 age group said they had increased their spending compared to the year before. Meanwhile, spending remained mostly the same for upper income groups where monthly household income exceeds S$8,000, with only 5 per cent stating a decrease in spending.
HOUSEBRANDS A MORE POPULAR OPTION
The number of Singaporeans purchasing house-brands has increased by 32%.
“A small percentage (5%) of these shoppers say that house-brands are better than certain branded products, it would be interesting to see if this becomes a popular opinion over time………
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Photo: AFP/Roslan Rahman