A recent survey by UnaFinancial highlights a significant rise in year-end spending across Southeast Asia, with 79% of consumers increasing their festive expenses. The survey, which included 400 participants from Singapore, the Philippines, Vietnam, and Indonesia, also found that 46% plan to use digital loans for holiday celebrations. Travel emerges as the primary spending driver, particularly in Singapore and Indonesia.
In Singapore, 69% of consumers reported increased spending, primarily on travel, which accounts for 48% of their expenses. Despite this, only 27% of Singaporeans plan to borrow online, reflecting their conservative borrowing habits and access to traditional credit. Meanwhile, in the Philippines, 73% of respondents spend more during the festive season, with gifts and celebrations leading the way. Here, 45% intend to take digital loans, mainly for holiday trips and gifts.
Vietnamese consumers show the highest increase in festive spending, with 88% spending more, driven largely by shopping. In contrast, Indonesians focus on travel, with 84% increasing their spending and 51% planning to use digital loans for holiday expenses.
UnaFinancial analysts note, “Travel leads spending regionally—especially in Singapore and Indonesia. Vietnam’s booming e-commerce system pushes shopping to the forefront, whilst the Philippines’ family-centred traditions make gifts and celebrations the main driver of higher spending.”
The survey underscores a growing trend towards digital non-bank financing in Southeast Asia, with nearly half of the consumers open to this option, indicating a demand for fast and convenient access to funds.
