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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.
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.
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