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Festive sales report
Festive sales are tipped to inject $1 billion into the Singaporean economy.
‘Tis the season to spend and save, with festive sales events like Black Friday, Cyber Monday and Boxing Day fast approaching. Despite the COVID-19 pandemic throwing some people’s incomes into question, it seems that the vast majority of Singaporeans (83%) are still planning to shop the sales. On average, they’re expected to spend $450 per person, injecting an estimated $1 billion into the Singaporean economy. So what are we set to spend it all on? Let’s unpack the stats.
Men are spending big
We all love a bargain, but it seems that Singaporean men are more excited about the sales than women, with a significantly higher average spend. On average, men are set to spend $597 each, while women are set to spend less than half that at just $221 each.
Men are on the lookout for a deal on electronics, with a whopping 69% of male shoppers buying an electronic item, compared to just 36% of women. Meanwhile, women are more likely to be looking for a deal on clothing and shoes (63% versus 53%) and beauty and makeup items (42% versus 14%).
People aged 55 and over are looking for travel discounts
Those aged 25-34 are most likely to shop the sales this year, with 89% expected to shop, followed by those aged 16-24 (86%), 35-44 (84%), 45-54 (81%) and 55+ (74%).
35-44-year-olds are set to spend the most at a whopping $697, followed by 45-54-year-olds ($540), 25-34-year-olds ($422) and those aged 55+ ($363). 16-24-year-olds are set to spend the least at just $267.
While the 55 and over crowd might be less likely to be shopping the sales, those who are shopping are most likely to be on the lookout for a travel bargain. Of the 55 and overs who are planning to shop, 13% are on the hunt for a travel-related discount. That’s the highest across all generations, with just 12% of 35-44-year-olds and 9% of 16-24-year-olds saying the same.
The data also suggests that parents of young children might be using the opportunity to buy toys ahead of Christmas, with 25% of Singaporeans aged 35-44 planning to buy toys in the sales, compared to just 17% of 25-34-year-olds, 12% of 16-24-year-olds and 11% of 45-54-year-olds.
This data was collected from a survey of 1,008 Singaporeans aged 16 and above, conducted by Milieu in October 2020. To find an estimated national spend and average spend across demographics, we used the midpoint of each spend range (e.g. $25 for those who said they would spend between $1-$49).
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