A third of S’pore adults expect to spend less on Christmas because of the rising cost of living

A third of S’pore adults expect to spend less on Christmas because of the rising cost of living

Gifts, festive gatherings, outings, and staycations set to see the biggest cutbacks

While this year was set to be the first fully post-pandemic Christmas, latest YouGov data suggests that some could be making plans for a scaled-back celebration as the rising cost of living impacts their wallets.

A third (35%) say they will spend less on Christmas this year than they usually would, compared to one in ten (12%) who say they will spend more than usual. One in five (20%) expect to have a ‘normal’ Christmas, although this rises to more than a quarter (27%) among Gen Zs.

The largest proportion of residents expect to spend between $101 and $500 over Christmas, with more than a third saying they will spend that amount (36%). A quarter each said they would spend below $50 (26%) or between $51 and $100 (24%).

Just one in ten would spend in the range of $501 to $1,000 (9%), while a fewer one in twenty expect to spend even more than that (5%).

The data also suggests that Christmas this year could be less socially driven than it has been previously. Apart from reducing spending on presents – which two in five of all adults say they will do (42%) – gatherings with family, friends, and colleagues (34%) as well as outings to attractions or Christmas markets (32%) are set to see the next biggest cutbacks.

A further three in ten say they will reduce the amount they spend on staycations (30%) and travelling they do to visit family and friends (29%) 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.

Notably, older residents were most likely to say they would reduce spending across most categories, particularly for presents (44% for 35 – 44; 45% for 45 – 54) and gatherings (39% for 45 – 54).

Methodology:

YouGov RealTime Omnibus provides quick survey results from nationally representative or targeted audiences in multiple markets. This study was conducted online on 15 December 2022, with a nationally representative sample of 1,027 adults in Singapore (aged 18+ 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 (18 years or older), and reflect the latest Singapore Department of Statistics (DOS) estimates. Learn more about YouGov RealTime Omnibus.