Household spending to hit $206.8b in 2021

It will grow at an annual rate of 6.3% over the next five years.

Real household spending in Singapore will experience rapid acceleration in growth over 2017 growing at 4%, up from 1.7% in 2016, according to BMI Research. Growth in household spending will be driven by substantial real wage gains which will support private final consumption.

Here’s more from BMI Research:

We forecast total household spending to increase from USD113.4b in 2017 to USD164.1b in 2021- growing at an average annual rate of 8.3% between 2017 and 2021.

In local currency terms, total household spending will grow at an annual average rate of 6.3% between 2017 and 2021, growing from $159.9b in 2017 to $206.8b in 2021. Over the medium term, a tightening labour market will continue to benefit consumer spending.