4/10 of the students we asked mentioned that the money spent on drinks and parties are to blame for their monthly high expenditures. We asked 10 Singaporean Youths between 18 to 23-years-old to share with us why they think millennials are spending much more than they should. Still have more questions after reading the article? Public spending as a % of GDP (2007-2011*) allocated to: health. Why do kids these days spend so much? National Youth Survey 2019 . This is illustrated in their spending power on intangible goods such as entertainment (40% of millennial online shoppers purchased in this category in the past 12 months), travel (58%) and event tickets (54%). In developing markets, growth rates are significantly higher as consumer incomes rise and … If that surprises you, consider the fact that Singaporeans also spend more than twice the global average on education. Almost everyone has become a food photojournalist with their high-pixel phone cameras, well-equipped with filters that can make your beef burger look like a million bucks. In Singapore, 80% of millennials in Singapore have shopped online in the past 12 months, out of which 69% has done cross-border online shopping. Research by the company showed that 79% of APAC Millennials (between ages 18 to 34) have shopped online within the past 12 months and this is higher than the global average of 73%. For example, you can own a sweater but it somehow becomes a fashion statement when there’s that small “Champion” logo sitting at the end of your sleeve. Yes, I meant food. The Youth Statistics in Brief paints the big picture of the state of youth (aged 15-34) in Singapore. Most of my expenditure is on sustenance. Echoes the distant cries of a mother to her 16-year-old daughter, with reference to the plate of Eggs Benedict she bought at a fancy cafe during lunch. If that figure is accurate, it means that teens are spending nearly triple what they earn. This statistic displays the results of a survey about the average time spent using online media in Singapore in the second and third quarter of 2019, by activity. The National Youth Survey (NYS) is NYC's flagship survey that looks into the major concerns and issues of schooling and working youths in Singapore. 6. The basic cost of looking cool should amount to about: Ralph Lauren Baseball cap $75 + Basic Champion T-shirt $75 + $160 Adidas Originals Stan Smiths = $310 per outfit. Singapore Boys’ Home and Singapore Girls’ Home) function as a Place of Detention and a Juvenile Rehabilitation Centre for youths who are in conflict with the law, as well as a Place of Safety for youths who are beyond parental control or … Public spending as a % of GDP (2008-2010*) allocated to: education. This percentage of cross-border online shopping is the highest out of countries surveyed in Asia Pacific. Recreation spending in the U.S. increased by 24% in the five years leading up to 2017, while U.K. expenditure on leisure activities was up 17% in the five years before 2018.. There’s no single, definitive figure for spending on youth services in England, as there are different parts of local authority spending you could include to build a picture. Purchase the Consumer Lifestyles in Singapore consumer lifestyle report as part of our economies and consumers market research for November 2017. Some of the areas covered are: Population, Education, Employment, Marriage and Divorce, Health, Sports and Participation, Aspirations as well as Civic Engagement. Acting Minister for Information, Communications and the Arts Lui Tuck Yew, who revealed the 27-hour statistic at a Singapore Press Club event last month, said he was 'quite surprised and a little bit shocked' that the figure was so high. To cut through the social noise, you need to be aware of all relevant social media statistics in Singapore. People are kind of obsessed. No passport needed. Cafe food or else, good-looking food have been an enduring trend since ages ago. According to the study, parents believe that top 3 categories their kids are spending on are food (63%, on and off campus), stationery and school-related items (19%), and transport (9%). Euromonitor International is the leading provider of strategic market research reports. Most teens are spending at least some of their time online using social media. “We believe New Money unlocks greater opportunities for all our customers. Can we really blame young people for their spending habits when the trends these days all point towards items with high price points? Includes indepth data on population, people, households & homes, leisure & lifestyle. Lunch gatherings with friends and weekend dates run up to $30 if you treat yourself an extra latte. Facebook Statistics in Singapore. The majority of them were men (51.2%). It’s not a surprise then, that buying meals at $20 has become normalized. Monthly Household Income vs Household Expe…, Youths: Your Ultimate Personal Finance Guide (15 - 35 Years Old), GST Voucher and Care and Support Package 2020: How Much Will You Be G…, Driving Grab Is Not Substitute For A Long-Term Career. ... Tourism spending from South and Southeast Asia in Hong Kong 2013-2019. Women: 2%; Men: 8%; The majority of them were women – 56.2%. As a young adult with plenty of friends, it is important to know when to say no to these high-cost social gatherings. Singapore is one of the countries covered and it provides historical statistics, forecasts, analysis of consumer lifestyles, brand and company information, and full-text market analysis. You can start with money tracking apps or simple finance-tracking excel sheets that help monitor your personal expenses with convenience, tracking your spending habits and transactions. Consumer Spending in Singapore averaged 20499.46 SGD Million from 1975 until 2020, reaching an all time high of 45597.80 SGD Million in the third quarter of 2019 and a record low of 4470.60 SGD Million in the first quarter … But £1 billion is a reasonable figure to use, based on the data we've seen. In the context of Singapore’s youth, some recent statistics … Clothing trends these days are no longer bermudas you can get from Bugis Street or styles you can simply replicate with cheaper alternatives. Singapore currently has a total population of 5.83 million. Though with good intentions of not spoiling a child, this probably isn’t the best way to teach kids the value of money. According to Shinghal,t he allure of being an entrepreneur amongst Millennials has never been greater, arising from the combination of how digital payments and social platforms have become mainstream. Statistics of the Number of Instagram Users in Singapore. More than three in four people in the country use the internet regularly this year. No-logo doesn’t quite cut it nowadays, and it doesn’t help that trend-setters online are clad in Supreme and using $80 Urban Decay Eyeshadow Palettes. PayPal's new money campaign: A new beginning for the brand? ... attitudes and spending patterns of consumers in Singapore. There were 2 005 000 Instagram users in Singapore in September 2019, which accounted for 8% of its entire population. Disposable income growth is driving healthy expansion in leisure spend throughout the developed world. Fewer children (39%) report spending the same amount of time online. If your answer is ‘yes’ or ‘already got them’, read on. The same applies to the Ralph Lauren badge sewn onto a baseball cap, Abercombie and Fitch stamped on that white shirt, or Adidas Originals branding your pair of sweatpants. Population and Population Structure Population Trends, 2020. (Children under 13 were not asked about social media accounts in this survey). GST offset package. This is coupled with an independent self-starter spirit that is driving a wave of innovation to achieve purpose-driven work and life. These small things do make a difference. 3.2. Stay updated with the latest finance tips! Statistics Singapore Newsletter Issue 2, 2020. The Singapore Budget 2014 for the Ministry of Culture, Community and Youth allocates SGD 10.8 million (USD 8.6 million) to the National Youth Programme. One of the most startling statistics to come out of the MarketingVOX/Rand research centers on teens' total annual spending, which sits just shy of $259 billion annually. PDF (1MB) Reference Statistical Best Practices 2020. (Read more here: PayPal's new money campaign: A new beginning for the brand?). Read also: The Ultimate Comparison: BlueSG vs Grab vs Uber vs Taxi. Youth unemployment rate in Singapore in 2020. Nearly half (49%) of Millennials shoppers said that fast delivery would make them more likely to make a purchase from another country. Consumers and merchants are open to a world of opportunities in the new global economy, and no other group is taking greater advantage of this than the millennial generation, said Rahul Shinghal, General Manager for PayPal Southeast Asia at a recent press conference. Instagram users in Singapore. One of our interviewees remarked that when she bought her Professional Camera, a DSLR, her parents said that they would pay 80% of it if she would fork out the rest of the money. These small things do make a difference. With no borders and boundaries, New Money lets you buy and sell to anyone, anywhere in the world, with the knowledge that whether you’re buying or selling, your eligible transactions are protected with PayPal,” Shinghal said. It is not only food prices that have increased but also our taste in food, shaped by trends. This essentially means barely any savings and complete dependence on monthly allowance or pay. In 2017, 19.7% of Singapore’s total population consisted of persons aged at least 60 years (Department of Statistics, 2017c).This proportion will have reached 40% by year 2050 (United Nations, 2017a, 2017b).This accelerated pace of population aging raises significant interest in aging research and policy not only for Singapore, but also for similar aging populations in the … Spending is a conscious decision, like whether to leave the house earlier for school ($1) or to take a cab ($15). 1.4. Resources PDF (5MB) Reference Singapore … To date, the time-series study has been conducted in 2002, 2005, 2010, 2013 and 2016. NYS 2019 is the sixth iteration of the time-series study. We asked the 10 students to show us their expenditure breakdown with the Seedly App and it states that Taxi and Car services actually amount to an average 20% of their monthly spendings. As of 2018, Singapore has a population of 5.79 people million crammed into an island measuring just 719.9 km². Club covers are expensive but drinks are worse. This is much hi… In tandem, millennial merchants are creating new idea-based businesses, ushering a new wave of entrepreneurship that are not limited to one market as seen in PayPal merchants Naiise, Stripes, and KFit. The survey was released as part of the Singapore launch of ‘New Money’ – PayPal’s vision for money, payments and commerce that champions a better way forward for its consumers and merchants in Asia Pacific. This essentially means that out of $300, $120 is spent on grabbing around every month! Singaporeans spend a median monthly amount of $155-$255 on tuition (source). Our kids and their spending habits. Some of the lack of prudence in this generation can be attributed to parents who just love their children too much. Given this, we saw fairly large discrepancy in its level depending on the household's income. Public spending as a % of GDP (2008-2010*) allocated to: military. (YOG file photo) Dr Vivian Balakrishnan has admitted that his team had miscalculated the Youth Olympic Games (YOG) budget.. People aged 25 to 34were the largest user group (810 000). Singapore has one of the highest digital consumption rates in the world. The MSF Youth Homes (i.e. There is also a need for speed when it comes to this group of online shoppers, who expects faster and frictionless shopping experiences. In fact, it is the country with third highest population density in the world behind Macau and Monaco at 8,188.16 people per square kilometer(also the world’s most expensive city, but that’s not what we’re all here about, is it?). View More. But what I know youths can do is to be more aware of where their money goes, and plan their finances a bit better. You can almost hear the endless nagging of most Singaporean parents. #MarketingExcellenceAwards spills: Behind the scenes of Shi Hui Yuan's brand transformation, The Mango Agency SG rebrands to Upcycle Communications under new management, Manulife IM promotes CMO Grace Ho to new digital business role, Foodpanda Hong Kong rolls out catering service for the public, MY comms ministry forms investigative team after 'indecent remarks' surface on MCMC's Twitter, WTA serves up an ace for first rebrand in a decade, #AOTYAwards spills: Louken Group shares what clients want and trends for 2021. Speaking at the People's Action Party (PAP) rally in Clementi on Wednesday night, Dr Balakrishnan explained what happened to the … One thing is clear though: Singapore youth really like video games. There is no further breakdown of expenditure on youth policy, affairs or programmes. Spending is a conscious decision, like whether to leave the house earlier for school ($1) or to take a cab ($15). But, by the looks of how many youths hold $1000 iPhones and don $300 Limited Edition Adidas sneakers, it is hard to deny that youths all around are spending more than they technically have. Resources PDF (738KB) Reference eBook of Statistics. Tip: Kids and Money. However, parents this is not how kids actually spend their money. Ultimate guides to kickstart your finances. “The Tories have slashed £1 billion from youth services" Jeremy Corbyn, 5 November 2019. You can start with money tracking apps or simple finance-tracking excel sheets that help monitor your personal expenses with convenience, tracking your spending habits and transactions. According to the study when shopping online, it is evident that Singaporean Millennials also look beyond tangible goods and instead, focus on authentic experiences that reflect their passions and interests. Party once a week and that’s pretty much the end of your savings. In Singapore, 80% of millennials in Singapore have shopped online in the past 12 months, out of which 69% has done cross-border online shopping. When white shoes were trending, it wasn’t about just white shoes, it’s at its cheapest $70 Superga sneakers or the latest $280 Adidas NMDs. When parents sponsor big-ticket items, it leads to a mentality that children have enough spending power for something they technically cannot afford by themselves. In 2012/13, resident households in Singapore spent an average $4,7241 Heads Aged Below 30 Yearsper month on consumer goods and services. Our smartphone penetration rate (73% in 2017, per eMarketer estimates) is also among the highest in the world. Much is indeed, subjective. I myself have succumbed to the convenience of Grabbing almost everywhere with their attractive $4 Off discounts. Commentary: Facing disrupted futures, Singapore’s youth must put their mental health first. According to Samaritans of Singapore's 2019 statistics, suicide is the leading cause of death for those aged 10 to 29, with males accounting for more than 71 per cent of all suicides last year. SINGAPORE — Parents in Singapore spend on average US$70,939 (S$96,196) a year for their children’s local education, almost double the global average of … The highest difference between men and women occurs within people aged 25 to 34, where men lead by 90 000. This amount varies from family to family, but 54% of Singaporean parents spend more than $500 per child. Those discounts and $5 offs have successfully captured us, customers. The emergence of Uber and Grab these few years have overtaken Singaporean transport habits completely. The trends these days make brands matter a lot. You can contribute your thoughts like Junel Seet. No queues. You’re no longer locked into an institution, a location, a currency. In his Budget speech, Mr Heng stressed that the goods and services tax … 3.6. Singapore has an 82% Internet penetration rate. Users: 4.5 million (May 2020) There were 4 529 000 Facebook users in Singapore, which accounted for 75.5% of its entire population. It has no curfew. $7.. $10.. $20, depending on distance, spent on each ride perhaps every day. These days, what contributes to the highly-priced trend of foodstuff include food at carnivals and hipster events like Flashbang, the Prudential Carnival, Singapore Night Festival and so on. This includes day-to-day expenses on items such as food, dining out, bus/MRT fares and clothing; regular expenditure like utilities, phone bills and school fees; as well as ad-hoc spending on big Of that population, 4.6 million or 79% are active social media users. The convenience of hailing a taxi nowadays is done with a tap of a button and at lower costs than before. Dr Vivian Balakrishnan, Minister Mentor Lee Kuan Yew and Chairman of SYOGOC Ng Ser Miang at the YOG. We asked this question to the 10 students we interviewed and what we got were amounts as low as $50. Mom and Dad may be taking on debt to feed teen spending. Digital and Social Media Statistics, Singapore 1. A majority (85%) of Americans between 13 and 17 say they have at least one social media account. This is what we have gathered: Do the photos above make you go “OMG, need”? Fret not, ask our community here! 7. The Ultimate Comparison: BlueSG vs Grab vs Uber vs Taxi, How Poor Are Singaporeans? 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