What Singaporeans are spending on this Chinese New Year

Food-related expenses make up the largest portion of their spending plans.

As Chinese New Year approaches, Singaporeans are embracing tradition whilst being mindful of their spending, focusing on key purchases like food, clothing, and family gatherings.

According to a recent survey by Milieu Insight, food-related expenses dominate the spending plans, with 28% of respondents expecting to spend between $100 and $299, whilst 19% anticipate spending between $300 and $499. Amongst the most popular items for purchase are sweet snacks (61%) and fresh fruits and vegetables (52%). Supermarkets remain the preferred destination for food shopping, with 78% of participants opting for in-store or online purchases.

Clothing is another key focus for many Singaporeans, with 30% of respondents planning to spend between $100 and $299 on festive attire. This trend is particularly prominent amongst those aged 55 and above. Whilst 58% of participants prefer shopping at physical stores, the 25-34 age group is the most active in this regard. Online fashion retailers are also gaining traction, especially amongst the 16-24 age group, with 21% opting to shop on fashion websites.

Additionally, 19% of shoppers aged 35-44 plan to purchase from online marketplaces like Shopee and Lazada.

When it comes to beauty-related spending, 35% of Singaporeans are not planning to allocate any budget for beauty treatments. However, 26% intend to spend up to $99, and 18% plan to invest between $100 and $299 on facial treatments (45%) and haircuts or styling (75%).

In the entertainment sector, 25% of respondents are not budgeting for entertainment, with the 16-24 age group representing 35% of this category. Another 25% plan to spend between $1 and $99 on movie tickets or streaming services such as Netflix, with 38% of these individuals also falling within the 16-24 age group.

When it comes to promotions, 54% of people are actively looking for deals and 40% prefer discounted products even if they are not actively searching for them.

On travel plans, 78% of Singaporeans plan to celebrate locally, whilst 13% intend to travel overseas, mostly within the 25-34 age group (22%).

Family reunions remain central to the celebrations, with 92% excited to gather with loved ones. About 74% attend reunion dinners out of tradition, whilst 36% do so to connect with family.

"As we approach the Lunar New Year, it's clear that Singaporeans still value tradition and family gatherings," said Juda Kanaprach, co-founder and chief commercial officer at Milieu Insight.

"The study focuses on how consumers are balancing their desire for meaningful celebrations with an increased sensitivity to value and discounts," she noted. "This makes it critical for businesses to provide timely and relevant promotions that reflect the festive spirit whilst meeting consumer expectations"

The survey, conducted between 25 and 30 October 2024, polled 503 Singaporeans aged 16 and above who will be celebrating the Lunar New Year.