SINGAPORE, July 14 (Bernama-BUSINESS WIRE) — UserTesting (NYSE: USER), a leader in video-based human insight, conducted a survey to study the effects of the rising inflation on Singaporeans’ spending habits and personal finances. As per the survey findings, 80 percent of Singaporeans reported that growing inflation is directly impacting their daily and monthly expenditure.
A host of cost pressures such as rising commodity prices, global supply disruptions, and more has been translated to end consumers in the form of elevated prices for goods and services across the board. Therefore, to meet basic needs, Singaporeans are cutting back on their everyday expenses. Interestingly, 60 percent of Singaporean respondents mentioned that they are cutting entertainment and leisure spending. Personal care spending is also taking a backseat for Singaporean consumers.