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Chart from MasterCard

Where do the mass and affluent Singaporeans spend their money?

Mass market consumers spend a higher portion of their wallet (5.04% vs 2.22%) on essentials.

Regardless of wealth level, consumers in Singapore spend most on discretionary goods.

According to Mastercard, discretionary spending accounts for 76.89% and 87.83% of the mass market consumers and affluent wallets, respectively.

Compared to 2019, however, the share of discretionary spending in the wallets of the masses (81.93%) and affluent (89.60%) has declined.

Essentials, on the other hand, now account for a larger share in the wallets of Singapore consumers (18.07% vs 23.11% for mass market consumers; 10.40% vs 12.62% for affluent consumers).

Essentials include automotive fuel and grocery. Meanwhile, discretionary items include airlines, hotels, and travel agencies, apparel and jewellery, dining, and household goods. 
 

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