, Singapore
549 views

Singapore's total household spending to grow 6.5% annually until 2022

This will be boosted by recreation and culture spending.

BMI Research reported a forecast of 6.5% increase in Singapore’s total household spending every year between 2018 to 2022, rising from US$$124.4b in 2018 to US$174.5b in 2022.

58% of total spending will come from non-essential spending, which is highly due to the increasing levels of disposable income, with average household disposable income estimated to rise from US$100,392 in 2018 to US$122,300 in 2022, BMI Research said.

According to BMI Research, non-essential spending will be boosted by recreation and culture, growing an average of 8.2% annually, with up to US$23.5b total spending, until 2022. This is highly driven by consumer spending on leisure activities, especially among millennial age group.

Further, the majority of Singapore households in the upper-income segment (household disposable income of US$75,000 and above) are forecasted to account for 66% of total households in 2022, compared to 53% in 2018.

Singapore’s total household spending previously had an average growth of 2.9% between 2013 and 2017.
 

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!