A recent survey by UnaFinancial has highlighted that 69% of Singaporeans tend to increase their spending during the year-end season, with travel expenses accounting for nearly half of this increase. Conducted among 400 consumers across Singapore, the Philippines, Vietnam, and Indonesia, the survey reveals that travel is the primary reason for heightened spending, followed by gifts and celebrations, home and family expenses, and shopping.
The survey indicates that Singaporeans are the most conservative spenders in the region, with only 69% reporting increased spending compared to 73% of Filipinos, 88% of Vietnamese, and 84% of Indonesians. Despite this, travel remains the top spending category for Singaporeans at 48%, with gifts and celebrations at 23%, home and family expenses at 19%, and shopping at 7%.
Borrowing habits in Singapore also reflect a cautious approach, with only 14% of respondents indicating an increase in borrowing during the festive season. Furthermore, 15% have previously used online non-bank loans, and 27% plan to do so this year, primarily to fund holiday trips.
Analysts at UnaFinancial noted, “The data shows that year-end spending and borrowing patterns vary across Southeast Asia. Travel leads spending regionally—especially in Indonesia and Singapore. At the same time, Singaporeans remain more cautious with borrowing.”
UnaFinancial, headquartered in Singapore, is known for developing digital financial solutions and has served over 20 million clients globally, facilitating loans worth over $2b.
