$580 - That's the average Xmas gift budget for most S'poreans

PHOTO: $580 - That's the average Xmas gift budget for most S'poreans

SINGAPORE - Some 85 per cent of Singaporeans plan to keep their Christmas spending at the same level as last year, a survey has found.

Commissioned by United Overseas Bank and conducted by Acorn Marketing and Research Consultants, the study surveyed 500 people aged between 25 and 55 years with a monthly income of at least $2,500.

It was conducted from Nov 6 to 18.

Only one in 10 respondents said they were looking to increase their gift budget this year.

The average budget for Christmas gifts this year is $580.

Some 73 per cent of respondents intend to keep within their budget and 18 per cent said they would extend their budget by looking for promotions and discounts.

A tenth of respondents would save up during the year to have enough money to enjoy the festive season with family and friends, the survey found.

Singaporeans are sparing no expense to buy gifts for themselves, and are likely to spend nearly $500 on their ideal gift.

Only 26 per cent of respondents plan to give their parents a gift this year at Christmas.

In contrast, 51 per cent intend to give their friends a present and 48 per cent to their children.

The average budget for gifts for friends is $143, lower than what respondents said they would spend on family members and business associates.

Respondents planned to spend an average of $401 on a gift for their significant other and $188 and $144 respectively on their parents and siblings.

They plan to set aside $394 for gifts for business associates.

The survey also revealed a mismatch between what people want for Christmas and what they are likely to get.

The top items on women's wish lists are designer bags and clothes, shopping vouchers and gift cards, or cosmetics and perfumes.

However, men are more likely to choose chocolates or novelty gifts for women.

Similarly, women plan to give men chocolates, novelty gifts or cologne, while men actually prefer gadgets, such as a smartphone, tablet or camera, a wallet or watch, or shopping vouchers and gift cards.