SG parents need $1,600 to cover newborn costs: iPrice
Birth rates in the country have declined since the pandemic began.
The iPrice Group conducted a study revealing the total average cost of basic items and the changes in people's interest in baby products online.
The e-commerce aggregator recorded the median prices of selected essential items for a baby's first year. The one-off purchases are items like baby car seats, strollers, toys, cribs, step stools, and many more, all amounting to about $1,557. On top of this, items that need to be bought regularly (diapers, wipes, and milk formula) cost about $43. In total, Singaporeans need about $1,600 to cover their baby's basic supplies and items.
Singapore has the highest minimum wage in the region with $1,400 as the government has recently announced an increase. As such, the cost of basic baby items would only take up around 14% of a single person minimum wage earner's salary for eight months.
Despite a drop in birth rates and economic downturns, there is still an increase in online interest in baby items, with iPrice recording a 127% increase of Google impressions on baby categories across six of their platforms in 2021.