Singapore retail sales may be declining, but a bank survey released this week projects an increase in Christmas budgets.
Just a few days after official government data revealed a 4.6 per cent year on year real decline in retail spending in November, UOB has released a study suggesting local shoppers will spend an average of $769 on presents this year – eight per cent more than the $709 average of 2014.
Moreover, those who responded to the survey said they planned to spend about $500 on treating themselves – a substantial lift from the $292 of last year’s survey suggesting a trend towards a ‘selfish Singapore Christmas splurge’ this year.
But UOB said the budget for buying gifts for spouses remained unchanged at $298, with men spending $386 and women $186.
UOB said men were hoping for smartphones and shopping vouchers from Santa this Christmas – and women wants vouchers, chocolates and perfumes.
But women plan to buy their men chocolates, cologne and toiletries, while men say they plan to give their partners chocolates.