Singaporean men are bigger spenders than women when it comes to personal expenses and shopping online.
On average, affluent Singaporean men spend S$1,601 per month on personal expenses, while women spend S$1,331. As for online shopping, the average spend is S$414 per month for men, and S$374 for women – a difference of more than 10 percent.
This is according to findings of this year’s Visa Affluent Study, which aimed to find out affluent consumers’ spending habits in Singapore.
Ooi Huey Tyng, Visa Country Manager for Singapore and Brunei, said: “The study shows that old stereotypes don’t hold true, and affluent men in Singapore are spending as much, or often more, than women. This has been a growing trend as shopping has become truly universal and new platforms such as online retail stores and mobile apps have increased opportunities for people to purchase goods and services.”
The study also highlighted the need for affluent Singaporeans to strike a balance between material and non-material priorities. Findings revealed that respondents consider family time, work-life balance, and healthy lifestyle as equal importance as financial objectives such as increased income, savings, and retirement planning.
Additional findings also stated that half of them spend less than S$2,000 a month on discretionary household expenses. For both men and women who save to spend on discretionary items, average monthly spending on personal expenses decreased by about 10 percent over the past year.
The same can be said for online shopping – monthly spending decreased on average by 10 percent from 2013 to 2014. However, online spending by women showed a four percent year-on-year increase; while spending for men showed a 21 percent year-on-year decrease.
The survey also indicated that almost a fifth of overall spending by affluent Singapore consumers is on food and beverage (F&B) – which ranks Singapore as the third highest in the Asia Pacific region, with Japan and Hong Kong in the lead.
“Visa recognises that spending is not a gender-specific activity, and luxury purchases and experiences are enjoyed by both men and women,” added Tyng.
“Through the Visa Premium Access programme, Visa is able to bring the best privileges from around the world to Visa affluent cardholders in Singapore. Visa Premium cards offer both our Singapore male and female cardholders greater opportunities to experience the finer things in life.”
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