Wealthy S'pore men spend more on themselves than women: Survey

Wealthy S'pore men spend more on themselves than women: Survey

SINGAPORE - A recent Visa survey shows that well-heeled men in Singapore spend more on themselves than affluent women.

The Visa Affluent Study 2014 on Singapore-based affluent consumers' spending habits found that Singapore men are bigger spenders than women when it comes to personal expenses, as well as shopping online.

On average, moneyed men spend $1,601 a month on personal expenses compared with $1,331 for women.

When it comes to online shopping, the average spend is $414 a month for men and $374 for women, a difference of more than 10 per cent.

Ooi Huey Tyng, Visa Country Manager for Singapore and Brunei, said: "The Study shows that old stereotypes don't hold true, and affluent men in Singapore are spending as much, or often more, than women. This has been a growing trend as shopping has become truly universal and new platforms such as online retail stores and mobile apps have increased opportunities for people to purchase goods and services."

Another finding in the study is that half of wealthy Singaporeans spend less than $2,000 a month on discretionary household expenses.

For both men and women, average monthly spending on personal expenses decreased by about 10 per cent from S$ 1,639 in 2013 to S$ 1,472 in 2014. Online spending each month also decreased on average by 10 per cent, from $438 in 2013 to $394 in 2014.

However, online spending by women grew slightly from $360 to $374; a 4 per cent year-on-year increase, while for men, it reduced from $523 to $414; a 21 per cent year-on-year decrease.

Nearly a fifth of overall spending by affluent Singapore consumers is on F&B, the third highest in the Asia Pacific region and comparable to Japan (#1) and Hong Kong (#2).

Groceries, F&B, local transportation and utilities and bills account for more than half of total monthly expenditure.

candicec@sph.com.sg

 

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