Chart of the Day: Necessities spending is the top area affected by inflation
This is followed by retirement plans and investments.
This chart from Seedly and Milieu’s The Impact of Inflation on Singaporeans report showed that 71% of Singaporeans see spending on necessities as the top area inflation had an impact on.
This is followed by retirement plans and investments at 34% and 26%, respectively.
Around 25% have cited spending on luxuries such as cars and leisure travel had been affected by inflation, and 17% said it had an impact on insurance.
Meanwhile, Younger Singaporeans aged 16 to 24 tend to spend more on dining out/food deliveries, transport, and entertainment and leisure, whilst the older population aged 45 and above are spending the most on groceries and necessities.