SINGAPORE, Dec 23 (NNN-Bernama) — A third of Singapore adults expect to spend less on Christmas because of the rising cost of living, latest YouGov data suggested.
YouGov is an international online research data and analytics technology group.
While this year was set to be the first fully post-pandemic Christmas, some could be making plans for a scaled-back celebration as the rising cost of living impacts their wallets, said YouGov on its website.
A third or 35 per cent say they will spend less on Christmas this year than they usually would, compared to 12 per cent who say they will spend more than usual.
One in five (20 per cent) expect to have a ‘normal’ Christmas, although this rises to more than a quarter (27 per cent) among Gen Zs.
The largest proportion of residents expect to spend between S$101 and S$500 over Christmas, with more than a third or 36 per cent saying they will spend that amount.
About 26 per cent meanwhile say they would spend below S$50 and 24 per cent between S$51 and S$100.
Just 9.0 per cent would spend in the range of S$501 to S$1,000, while 5.0 per cent expect to spend even more than that.
According to YouGov, the data also suggested that Christmas this year could be less socially driven than it has been previously.
Apart from reducing spending on presents, which two in five or 42 per cent of all adults say they will do, gatherings with family, friends, and colleagues (34 per cent) as well as outings to attractions or Christmas markets (32 per cent) are set to see the next biggest cutbacks.
A further three in 10 (30 per cent) say they will reduce the amount they spend on staycations and travelling they do to visit family and friends (29 per cent) over the festive period.
“These trends on cutbacks were largely consistent when analysed instead by demographic breaks, with people across all ages still looking to reduce spending on presents, gatherings and outings the most,” said YouGov.
Notably, YouGov said older residents were most likely to say they would reduce spending across most categories, particularly for presents (44 per cent for 35-44; 45 per cent for 45-54) and gatherings (39 per cent for 45-54).
YouGov provides quick survey results from nationally representative or targetted audiences in multiple markets.
This study was conducted online on Dec 15, 2022, with a nationally representative sample of 1,027 adults in Singapore (aged 18 plus years), using a questionnaire designed by YouGov.
Data figures have been weighted by age, gender, and ethnicity to be representative of all adults in Singapore, and reflect the latest Singapore Department of Statistics (DOS) estimates.
— NNN-BERNAMA
