These will account for almost 40% of their spending by 2021.
Singapore's affluent middle class supports high spending on non-essential goods and services such as personal, insurance & other, recreation and culture, and restaurants and hotels, according to BMI Research.
Here’s more from BMI Research:
Together, these three categories account for a projection of 38.2% in 2017 of total household spending. In line with rapidly increasing incomes, well-developed consumer credit and sustained tourist inflows, we forecast these three areas to increase their total share of total spending to 39.5% by 2021.
Whilst public services in Singapore are well-developed and cost-efficient, household spending on health and education is forecast to continue rising, mostly due to an ageing population and higher tertiary-level education fees. Overall, we believe that non-essentials will account for 57.9% of household spending by 2021.
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