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Emerging affluent Singaporeans more downbeat than global peers: StanChart
Less than half expect disposable income to increase.
Singapore’s emerging affluent consumers are only cautiously confident about the country’s growth prospects in the next twelve months, according to Standard Chartered’s The Emerging Affluence Report 2015.
The report, which covered seven markets, showed that only 46% of emerging affluent Singaporeans expect household disposable income increase in the next year, much lower compared to the global average of 72%.
The emerging affluent in Singapore also have different short-term spending priorities to their counterparts in the developing markets, with overseas travel topping the list.
Although travelling abroad is an immediate spending priority, but buying property is a more important goal in the medium and long term, the survey showed.
Singapore's emerging affluent allocate 29% of their income to savings. The most common intended use for savings is emergencies, followed by retirement and children’s education.
The report covered consumers in seven key markets, namely Singapore, Hong Kong, China, India, Indonesia, Kenya and Nigeria.
Most of the respondents in Singapore had a monthly household income between $12,000 (USD8,800) and $20,000 (USD14,700), while a smaller proportion had monthly household income above $20,000.
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