Singaporeans set to spend $2,805 on the average this Lunar New Year

Guess who can look forward to fuller red packets.

The Lunar New Year may be a few weeks away but the festivities are already in full swing. The annual United Overseas Bank’s (UOB) Lunar New Year Survey of this year’s celebrations. The respondents remain cautious about 2016’s economic outlook with 44% of them thought Singapore’s economic situation would stay the same as 2015, while 36% said they expected it to decline. One in five respondents said that they thought the economy would get better this year.
Surprisingly though, despite the cautious outlook, Singaporeans overall festive budget rose 20%.

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