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According to GfK, one of the world’s largest research companies, 65% of Singapore consumers surveyed have expressed their greatest anxiety towards inflation. This is a high number compared with other Asia-Pacific countries:
Thailand (55%)
China (51%)
Indonesia (39%)
42% of Singaporean respondents are also concerned about the cost of healthcare.
GfK polled over 40,000 consumers aged 15+ across 28 countries, including 11 from the Asia-Pacific: Australia, China, India, Indonesia, Japan, South Korea, Taiwan, Thailand and the latest additions of Singapore, Malaysia and Vietnam. Approximately 1,500 respondents per market were surveyed on their attitudes, behaviour and values across a range of topics.
The survey reveals that Asia-Pacific consumers have been treading carefully when it comes to their regular expenses by consciously reducing their spending. In their effort to reduce spending, the first item to be struck off their list of regular activities is dining out at restaurants, something which over a third (34%) of respondents said they have done in the past 12 months. Nearly a quarter (23%) also stated buying less clothes and shoes.
GfK also uncovered clever and prudent ways in which consumers of different countries tried to save money. These include money-saving strategies such as using coupons, using less or going without an item, shopping at discount stores, purchasing energy-saving products, buying in bulk to get greater discounts, switching to cheaper brands, etc.
Findings show that the Australians, Koreans, and Taiwanese are the most careful spenders in the region as they consciously implement money-saving strategies. For instance, Aussies are more inclined to postpone purchases until the product was on sale/special offer (63%), and Koreans (73%) along with the Taiwanese (67%) have used a coupon.
“In markets like Australia where there has been some economic uncertainty – and particularly where cost of living is so high, consumers have become a lot more cautious about how they spend their money,” said GfK.
This survey was conducted in Jan-Feb 2013.
http://www.tremeritus.com/2013/08/16/survey-65-of-singapore-consumers-worry-about-inflation/
Thailand (55%)
China (51%)
Indonesia (39%)
42% of Singaporean respondents are also concerned about the cost of healthcare.
GfK polled over 40,000 consumers aged 15+ across 28 countries, including 11 from the Asia-Pacific: Australia, China, India, Indonesia, Japan, South Korea, Taiwan, Thailand and the latest additions of Singapore, Malaysia and Vietnam. Approximately 1,500 respondents per market were surveyed on their attitudes, behaviour and values across a range of topics.
The survey reveals that Asia-Pacific consumers have been treading carefully when it comes to their regular expenses by consciously reducing their spending. In their effort to reduce spending, the first item to be struck off their list of regular activities is dining out at restaurants, something which over a third (34%) of respondents said they have done in the past 12 months. Nearly a quarter (23%) also stated buying less clothes and shoes.
GfK also uncovered clever and prudent ways in which consumers of different countries tried to save money. These include money-saving strategies such as using coupons, using less or going without an item, shopping at discount stores, purchasing energy-saving products, buying in bulk to get greater discounts, switching to cheaper brands, etc.
Findings show that the Australians, Koreans, and Taiwanese are the most careful spenders in the region as they consciously implement money-saving strategies. For instance, Aussies are more inclined to postpone purchases until the product was on sale/special offer (63%), and Koreans (73%) along with the Taiwanese (67%) have used a coupon.
“In markets like Australia where there has been some economic uncertainty – and particularly where cost of living is so high, consumers have become a lot more cautious about how they spend their money,” said GfK.
This survey was conducted in Jan-Feb 2013.
http://www.tremeritus.com/2013/08/16/survey-65-of-singapore-consumers-worry-about-inflation/
