Singaporean’s spending to slow down in 2023: report

Real household spending is expected to grow by 2.28%.

Real household spending in Singapore is expected to slow down slightly in 2023, Fitch Solutions reported.

During this period, household spending is projected to grow by 2.28% to SG$188.5b, dipping from the forecast 2.32% growth to SG$178.2b in 2022.

“Growth in 2022 came from a high base due to the recovery effects and 2023 will mark the return to pre-pandemics levels of growth,” the report read in part.

“We expect real household spending growth to be inhibited in 2023 due to the effects of increased inflation and interest rate hikes. This will also negatively impact consumer spending over the rest of the forecast period.”

Moreover, retail sales growth in the market is also seen to slow down in 2022 as inflation weighs in on retail trade’s recovery.

“Whilst this is the lowest growth recorded over the past four months, August figures still mark the sixth straight month of retail trade growth,” Fitch noted.

“However, we note that inflation has also increased over the same period, so growth in retail sales could be partly due to higher prices.”

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