, Singapore
299 views

Singapore household spending expected to grow by 3.1% in 2022

This would mean a total of $148.4b household spending.

In a report released by Fitch Solutions Singapore, household spending is forecasted to jump by 3.1% in 2022 to hit $148.4b. This is an effect of the company’s prediction that the country’s economy will grow by a real rate of 4% over 2022. 

Unemployment is also expected to decline to 2.2%, which would positively influence the income outlook. 

Economic growth in 2022 is seen to be underpinned as the Vaccinated Travel Lanes Scheme brings in more tourists. This is expected to increase by 159.6% over the year. 

The report also said that the consumer price inflation increase of 2.5% year-on-year (YoY) in July 2021 was also the most that Singapore has had in the past seven years. This, however, was boosted by the low base effects of May 2020, as the company believes that inflation will begin to ease in the second half of 2021 to an average of 1.6% YoY over 2021, and 1.7% over 2022. 

Meanwhile, the global semiconductor shortage is also expected to continue into 2022, which would put pressure on the supply of several consumer goods. This is expected to bleed into more consumer services over 2022.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Is HDB resale a good investment?
OrangeTee’s Dallas Hassan and Huttons Asia Real Estate Groups’ Lee Sze Teck answer frequently-asked questions on HDB.
Spoof proof: How the new SMS Sender ID Registry prevents phishing
Phishing remains a huge problem in Singapore, with reported incidents jumping from 16 to 5,020 within four years.