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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.
The online poll, commissioned by Finder was carried out by Milieu Insight, a Singapore-based consumer research firm. The poll included n=1,008 and is representative of the Singaporean online population, aged 16 and above. Responses were collected the week of October 2020, and the margin of error is +/- 3% with a 95% confidence level. 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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