With Lunar New Year just around the corner, a recent study by Milieu Insight, a global market research and data analytics company, has uncovered key spending intentions of Singaporeans, shedding light on their preparations for the festive season. From food and entertainment to fashion and beauty, the study reveals consumer expectations, and perspectives on promotions and deals during this time of the year.
The quantitative study conducted by Milieu Insight’s proprietary survey community polls N=503 individuals between the ages 16 to above 55 years old, who will be participating in the upcoming celebrations in Singapore. The fieldwork was carried out from 25 October and 30 October 2024.
The demographic breakdown is as follows:
| Age Group | Gender | |||||
| 16 – 24 | 25 – 34 | 35 – 44 | 45 – 54 | 55+ | Male | Female |
| 86 | 104 | 110 | 105 | 98 | 239 | 264 |
Celebration Traditions Remain Strong
In Singapore, a significant 78% of respondents plan to celebrate locally. 13% intend to travel overseas for the festive season with 22% from the age group 25-34 years old. Singaporeans are continuing to cherish family reunions, with 92% excited to gather with loved ones. Long-standing traditions, such as reunion dinners, remain a cornerstone of celebrations, with 74% attending as a mark of tradition, and 36% doing so out of the genuine desire to connect with loved ones.
Spending Priorities and Trends
When it comes to food-related spending, 28% of respondents plan to spend between SGD 100 and SGD 299, while 19% expect to invest SGD 300 to SGD 499. Sweet snacks and fresh fruits and vegetables are among the top purchases, with 61% and 52% of respondents, respectively, planning to buy these items for the occasion. Supermarkets remain the most popular choice for purchasing food, with 78% of respondents intending to shop in-store or online.
Clothing and fashion purchases play a key role in seasonal preparations for many. About 30% of respondents plan to spend between SGD 100 and SGD 299 on clothing for the occasion. Among these shoppers, the largest proportion comes from those aged 55 and above. In terms of shopping preferences, 58% of participants opt for physical stores, with the majority falling in the 25–34 age group. Meanwhile, 21% prefer shopping on fashion retailers’ websites, with the 16–24 age group making up the largest share of this demographic. Online marketplaces like Shopee and Lazada also attract significant attention, particularly from shoppers aged 35–44, who account for 19% of those intending to shop through these platforms
Beauty-related expenses are more selective, with 35% of Singaporeans not planning to spend in this category. However, 26% intend to spend up to SGD 99, with 18% aiming to spend between SGD 100 and SGD 299 on facial treatments (45%), and haircuts or styling (75%).
In terms of entertainment, 25% of respondents do not plan to allocate any budget, with 35% of them coming from the 16-24 age group. Another 25% expect to spend between SGD 1 and SGD 99 on movie tickets and streaming services such as Netflix, with the majority of 38% also from the same age group.
When it comes to promotions and deals on Chinese New Year goods, most people (54%) are on the lookout for great deals this time of year, and another 40% of respondents don’t actively search for promotions but still prefer to buy discounted goods.
“As we approach the Lunar New Year, it’s clear that Singaporeans still value tradition and family gatherings. The study focuses on how consumers are balancing their desire for meaningful celebrations with an increased sensitivity to value and discounts. This makes it critical for businesses to provide timely and relevant promotions that reflect the festive spirit while meeting consumer expectations,” said Juda Kanaprach, Co-Founder and Chief Commercial Officer at Milieu Insight.
The study, conducted via Milieu Insight’s proprietary survey community, offers a comprehensive understanding of how Singaporeans are planning to celebrate the upcoming Lunar New Year and highlight their spending behaviours across various categories. Representative of the online adult population aged 16 and above the fieldwork was carried out from 25 October and 30 October 2024.
Legal Disclaimer: The Editor provides this news content "as is," without any warranty of any kind. We disclaim all responsibility and liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. For any complaints or copyright concerns regarding this article, please contact the author mentioned above.
