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.
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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.”
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