How wealthy is Singapore and what are we spending our money on?
What is the Household Expenditure Survey (HES) ?^1
The Household Expenditure Survey (HES) is conducted by the Singapore Department of Statistics (DOS) once in every five years to collect detailed information on households’ expenditure. One main objective of the HES is to update the weighting pattern and the basket of goods and services for the compilation of the Consumer Price Index (CPI), an indicator of inflation in Singapore. The HES also provides insights to how consumers’ lifestyle and spending habits change over time.
Household Income^2
Since 2007/08, the average monthly household income per household member in 2017/18 has grown by 60%.
Housing, Food & Transport^2
Nearly half of our $ goes to food, with the top 3 spending being:
Normal meals at the hawker centre
Beverages and snacks
Eating at restaurants/cafes
Transportation comes in 2nd, while housing only takes the 3rd spot.
Consumer durables^2
Seeing the following ‘fun facts’ about the standard of living in Singapore, will help us to better understand certain trend:
Why the Certificate of Entitlement (COE) has become so expensive.
Why the number of retailers in the wellness industry (e.g. massage chairs) is expanding quickly
80% of us who live in 4rm flats and above, use air conditioning
50% of us who live in 5rm flats and above, own a car
1 in 5 households own a clothes dryer
1 in 12 households own massage chairs
Conclusion
Wealth is not absolute, it is relative. And these statistics help us to have a clearer picture of where we stand in terms of our
income,
expenses,
types of expenses, and
standard of living.
If we earn less than, or spend more than the benchmark; then we are more likely to retire later than, or have a lower standard of living in retirement, than others.
So in what ways are the findings of the HES personally meaningful to us? Contact Chloe to find out more.
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