Travel: #1 in Singapore consumers’ non-essential spending

Travel, eating out, and fashion are top non-essential purchases of Singaporeans

Singapore. In a survey conducted by travel tech company Amadeus, it was found that Singaporeans prioritise international travel for spending in the coming year at 46%.

Other non-essential purchase priorities include eating out (37%), fashion (29%), and big-ticket items such as home furnishings and new cars (24%).

The same survey also found out that consumers prefer funding their expenses through instalment options such as Buy Now, Pay Later. These services give customers the flexibility to spread out their payments at 0% interest. These payment options take cuts from merchants for each consumer purchase.

More from OMY: Singapore: BNPL to be the fastest growing online payment method by 2025, while credit card use to fall

The respondents of the survey were aged 18 years old and above and came from a wide range of income levels.

The same survey also found that Singaporeans ranked more than German, French, and US consumers when it comes to prioritising international travel. However, Singaporeans prefer spreading out their expenses to prevent high foreign exchange transaction fees and take advantage of loyalty points.

Around 95% of consumers chose instalment payment schemes to fund their travels for the coming year, while 57% said they might use their credit cards.

“There is considerable pent-up demand for travel, and BNPL providers are also counting on this as an area where consumer demand is expected to persist for some time.”

More from OMY: Best Travel Insurance with COVID 19 Coverage 

Share This Story:

More Articles

  • Planning to buy an HDB flat soon? One of the major things you must consider is whether or not to go for the Optional Component Scheme or OCS. But is this added expense worth it? In this guide, we’ll discuss the inclusions of HDB OCS, how much it costs, and the factors you should consider before making your choice.

    Continue reading
  • A welcome change in the sea of red, the Straits Times Index finished at 3,263.07, a 0.04% increase, after falling in the early morning trade.

    Continue reading
  • Around 49% of Singaporeans consider Japan as their next travel destination. If you’re excited to travel to the Land of the Rising Sun, here’s what you need to prepare to make your trip more hassle-free.

    Continue reading
  • Planning to buy an HDB flat soon? One of the major things you must consider is whether or not to go for the Optional Component Scheme or OCS. But is this added expense worth it? In this guide, we’ll discuss the inclusions of HDB OCS, how much it costs, and the factors you should consider before making your choice.

    Continue reading
  • A welcome change in the sea of red, the Straits Times Index finished at 3,263.07, a 0.04% increase, after falling in the early morning trade.

    Continue reading