Economy to gain $1b boost from festive sales season: survey
One in 10 Singaporeans are looking to book a travel bargain during this season.
The pandemic has not daunted Singaporeans’ spending habits this festive sales season with majority planning to shop during upcoming sales events, which is expected to inject an estimated $1b into the economy, a survey by financial comparison platform Finder.com found.
The research, which surveyed 1,008 Singaporeans aged 16 and above, noted that citizens 83% plans to splurge during events such as Black Friday, Cyber Monday, and Boxing Day.
On average, each Singaporean is set to spend $450 for items such as clothing and shoes, electronics, and food and alcohol. To find the estimated national spend and average spend across demographics, Finder.com used the midpoint of each spend range (for example, $25 for those who said they would spend between $1-$49).
Men are expected to spend significantly more than women with an average spend of $597.
Women are set to spend less than half of that at just $221.
In terms of things they’re planning to buy, men are found to most likely shop for electronic items as well as food and alcohol, whilst women are shopping for clothing and shoes or beauty and makeup.
Demographic-wise, Singaporeans aged 55 and over are the least likely to shop, although 74% or three in four people indicated that they’ll still be looking to buy something in sales.
People in this age bracket are most likely in the market looking for travel bargains, Finder.com found. Of the 55 and overs who are planning to shop, 13% are on the hunt for a travel-related discount—the highest across all generations, with 12% of 35-44 year olds and just 9% of 16-24 year olds saying the same.
Overall, around one in 10 Singaporeans are looking to make a travel purchase, noted Finder.com money expert and senior writer James Martin.
“Interestingly, our data shows around 10% of Singaporeans are looking to make a travel purchase, suggesting Singaporeans are ready to make travel plans for when restrictions ease,” he said.
“For these purchases, it’s a good idea to make sure you can get a refund or credit on your purchase in the event you can’t travel as planned. You should also check how long credits can be used to make sure you’ll get some value out of the purchase at a later date,” he added.
Meanwhile, almost nine in 10 or 89% of 25-34 year olds are set to splash out in festive sales events, the most for any demographic. This is followed by those in the 16-24 year age bracket, with 86%; 35-44 year olds, with 84% planning to shop; and 45-54 years olds, with 81% indicating that they will be on the market.
The data also suggests that parents might be using the events to buy toys for their kids ahead of Christmas. A quarter or 25% of Singaporeans aged 35-44 are planning to buy toys in the sales, compared to just 17% of 25-34-year-olds, 12% of 16-24-year-olds, and 11% of 45-54-year-olds.
Martin reminded that whilst you can pick up some great discounts over the next couple of months from the sales events, consumers should be on the lookout for overspending.
He further warned Singaporeans of the need to check the fine print on their puchases.
“Whilst shopping the sales can save you money, the rush to get a bargain can actually mean you spend more than you would have otherwise. Ask yourself if it’s something you really want and would have bought if the sale price was the normal retail price, or whether you’re getting swept away by discounts,” he advised.