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TODAY, Fri 16 Oct 2009

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  • TODAY, Fri 16 Oct 2009

    Recession did not stop Singaporeans from spending on luxuries: Survey

    DESIGNER clothes, cars and overseas holidays - Singaporeans apparently saw no reason to cut back on these luxuries when the financial crisis was at its peak.

    Where such consumer spending is concerned, Singapore headed a regional trend, with Taiwan in second place, and Hong Kong slightly behind in third position.

    A survey by market research outfit Synovate showed that the number of Singaporeans with branded togs and leather goods that cost at least US$1,000 (S$1,398) jumped from 4.8 per cent last year to 11.3 per cent this year.

    Car ownership among those in the top 30 per cent of the average monthly household income bracket also rose from almost 61 per cent last year to 67 per cent.

    Another sign that the recession was no reason to cut back is the increase in holiday trips - 12.9 per cent of those polled had been on three leisure trips in the past 12 months, an increase of two percentage points.

    The survey was conducted between the third quarter of last year and the second quarter of this year. The 1,671 Singaporeans who took part were among 20,245 consumers polled in key regional cities and major commercial centres like Tokyo, Seoul, Sydney and Bangkok.

    Mr Steve Garton, Synovate's executive director for media, said while the less well-off tightened their belts, the elites took advantage of bargains when the financial crisis struck.

    "The elites became more important to marketers ... because those with lower income did reduce spending," Mr Garton said.

    He added downturns presented business opportunities to companies, which should not be cutting back on advertising.

    The Crown Of Achievement

  • #2
    guess i'm the less well-off group...i cut spending on practically everything..
    I can resist anything but temptation. - Oscar Wilde

    Current collection
    A.Lange & Sohne Grand Langematik
    Audemars Piguet ROO
    Blancpain Fifty Fathoms (Dark Knight)
    De Bethune Titan Hawk (DB27)
    Habring2 Pilot Time Date
    Harry Winston Midnight Big Date
    Hublot Aerobang Skeleton
    IWC Portuguese Perpetual Calendar
    Panerai 270
    Patek Philippe 5711/1a
    Rolex 116610LV
    Vacheron Constantin Overseas

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    • #3
      well, i have to admit, i have been limiting my spending since the crisis, but lately, ive been spending up. in particular, paying alot of apple tax
      [U]Currently wearing[/U]:
      [SIZE="1"]TT Datejust with diamond dial - sold!
      Blue 6694
      Seiko SD-lookalike[/SIZE]
      [U]"My collection"[/U]:
      [SIZE="1"]Blue 6694; TT DJ w diamond dial.[/SIZE]

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      • #4
        Originally posted by wolfeyes1974 View Post
        guess i'm the less well-off group...i cut spending on practically everything..
        In yr case, I reserve comments..
        The Crown Of Achievement

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        • #5


          Hmmz Apple tax? New girlfriend called Apple? :x

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          • #6
            Paying money for apple products hehehe


            Sometimes forgotten, but always contactable. Darkangel (2007-2014)

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            • #7
              Originally posted by Darkangel View Post
              Paying money for apple products hehehe
              spot on.
              [U]Currently wearing[/U]:
              [SIZE="1"]TT Datejust with diamond dial - sold!
              Blue 6694
              Seiko SD-lookalike[/SIZE]
              [U]"My collection"[/U]:
              [SIZE="1"]Blue 6694; TT DJ w diamond dial.[/SIZE]

              Comment

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