‘Crazy, crazy, crazy’: People in Singapore are now spending more on travel, movies and more
Singaporeans are spending more than ever on travel and entertainment, with the average monthly spend on the two items up a staggering 10 percent in the past 12 months, according to research firm Infotogels.
Infotogelman, which compiled data on the spending habits of 2,500 Singaporeans last year, found that average spending on movie tickets, food and drinks, and entertainment was up 16 percent, while the average amount spent on accommodation and entertainment increased by 10 percent.
The number of people in Singapore spending more in a month rose to 823,000, from 817,000 in the previous 12 months.
While the number of overseas visitors was also up, the total number of Singapore residents spending more per month declined by 1 percent to 1,638,000.
Singaporeans were also spending more money on entertainment, which rose 12 percent to 6,634,000 last year.
While spending on movies and TV shows was down 5 percent, spending on music and other forms of entertainment was also down 5.6 percent.
Infotel’s report, published this week, also found that Singaporeans spent more money for goods and services than ever before, up 20 percent to $4,800 per person.
The average cost of a hotel room rose 13.5 percent last year to $1,539 per night.
Singh, whose government had recently announced plans to invest $200 million into infrastructure projects, said that the city is still working on finding the right balance between the two.
Singhan said that Singapore has a “strong cultural and economic identity,” but also said that he wants to continue to diversify the economy by investing in infrastructure, research and the creation of new businesses.
“We must look at the future and look forward to it,” he said.
“The only way is to do both.
So we are committed to finding the best balance between investment and growth.”
Singhan added that the government is currently working on a package of measures that will help Singapore’s economy grow, including a new tax credit for businesses that have set up in Singapore and new incentives for companies to relocate.
“I think we will be able to sustain that growth in the medium term, but in the longer term we will have to look at how we invest,” he added.
“So we have to think about it.”