KUALA LUMPUR, July 14 (Bernama) -- Growing inflation has directly impacted the daily and monthly expenditure of some 80 per cent of Singaporeans, according to a survey by UserTesting.
The leader in video-based human insight conducted a survey to study the effects of the rising inflation on Singaporeans’ spending habits and personal finances.
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, according to a statement.
Therefore, to meet their basic needs, Singaporeans are cutting back on their everyday expenses. Interestingly, 60 per cent of the respondents mentioned that they are cutting entertainment and leisure spending. Personal care spending is also taking a backseat for Singaporean consumers.
Nearly four out of five respondents said they have seen an impact of inflation on their expenditure for groceries, entertainment, and utilities since the start of this year. Adding to this, they also mentioned a sharp increase in gas prices, readymade food packets, electricity, and water bills.
The diminishing purchasing power and limited earnings have also made Singaporeans realise the need for additional income to meet increased costs.
As per the survey, four out of five (85 per cent) of the respondents revealed that they are resorting to side hustles along with their full-time professional stints for some extra income.
Another interesting insight drawn out from the UserTesting survey was that Singaporeans are shifting their preferences to generic or local products from brand name products.
Fifty per cent of Singaporeans said they are buying local products now to cut costs, while 25 per cent of respondents are on the verge of making this shift, which basically depends on product categories.
More details are available at www.usertesting.com.
-- BERNAMA
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