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I keep hearing how most businesses found 2012 more difficult compared to 2011. I am in agreement. Now, to dampen spirits further, if a report by Nielsen's is correct, 2013 could be even tougher.
In a survey carried out, it seems that consumers in Singapore are cutting back on discretionary spending in 2013. The top 3 areas of cut backs:
1. New clothes (55%)
2. More expensive grocery (47%)
3. Utilities (47%)
If we think that it is probably due to a lack of job security or the rising cost of living in Singapore that is causing consumers here to cut back, we are not wrong.
However, it was also found that consumers will remain cautious in their household expenses even if there should be an improvement in the economy. I believe that this hints at a general feeling of pessimism and a distrust of the economy that runs deeper than what we might believe to be the case.
To cut back on consumption is an important step in individual wealth building efforts for ordinary people but I do not think that wealth building was on the minds of most of the respondents in the survey. Why? In the same survey, the respondents also revealed that they would be cutting back on investments too.
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11 comments:
Well AK. Your imported cookies & oatmeal lunches isn't helping the local economy much here leh.
Hi SnOOpy168,
Oh, I am sure my behaviour is not the norm amongst Singaporeans. :)
Ak71,
U sh seriously start spending more to boost the economy, I am quite sure u can afford it!:)
Hi Garfield75,
I am very sure I do more than my fair bit in boosting the economy. Remember my car and my vintage Rolex? ;p
i think i also can make little contribution to singapore economic.
can't resist nice and pretty dress :)
btw, happy chinese new year to AK and everyone :)
In the words of Buffett, "Be Fearful When Others Are Greedy and Greedy When Others Are Fearful".
Since people are cutting back, shops will be offering more discounts. Time to buy your bag, shirt, watch etc that you have been eyeing for so long.
My twisted logic. :P
Huat ah!
Hi yeh,
Indeed, do something with your money to buy happiness. ;)
Gong Xi Fa Cai! :)
Hi Derek,
Seems like you have a shopping list! Hahaha.. Happy shopping! Huat ah! :)
Oh, I overheard about buying happiness! What wise advice! :P
Enjoying the 4 new phone covers for my Samsung S3, bought from eForChina. Thanks for the lobang.
A happy new year indeed! :D
Wishing you and all the readers prosperity and happiness for the snake year!
Cheers,
Endrene
Hi Endrene,
I am almost certain that my response to yeh was inspired by you. ;)
I see you used the savings from getting a cheaper handphone cover to good use. You bought 3 more! ;p
In case people are wondering what we are talking about: Handphone covers.
Gong Xi Fa Cai! :)
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