Singaporeans spend most on food and beverages: Poll

A coffeeshop in the neighbourhood of Bishan. (Yahoo News Singapore file photo)

A poll on Singaporeans’ spending habits over the past three months found that they spent the most on food and beverages. A Singaporean could spend an average of $17,000 if he eats out every day for a year.

The key reason for such spending could be that Singaporeans prefer the ease of finding readily available cooked food to the hassle of preparing meals at home, according to the survey conducted by e-commerce company ShopBack. More than 95 per cent of the respondents eat out at least once per day.

Also, 50 per cent of respondents are willing to spend twice or more on a meal over the weekend. The average spend per meal is roughly $12 on a weekday and $24.50 on a weekend.

The survey polled 700 Singaporeans from different age groups and monthly income brackets, with about 65 per cent of females to 35 per cent of males. About 27 per cent of them earn less than $3,000; 38 per cent earn $3,000 to $5,000; and 35 per cent earn more than $5,000.

Besides spending on food and beverages, the other major spending categories are groceries, fashion/beauty, hotels/flights and electronics.

The survey also polled the respondents’ preferred payment methods. Despite the availability of at least 27 known cashless payment methods in the market, respondents still prefer the Visa/Mastercard credit and debit card method the most.

The survey also revealed that nine in 10 respondents own at least one credit card, while about half of them own four or more credit cards.

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Spending habits of Singaporeans by ShopBack: A poll on 700 respondents done in September 2018. (Infographic: ShopBack)