Survey shows Singaporeans stepping back from personal luxuries

By Zhang Tingjun, Channel NewsAsia
09 January 2009

SINGAPORE: A survey by OCBC Bank has shown that Singaporeans are starting to step back from personal luxuries and ambitions.

Instead, they are now more concerned about the basics of home, relationship and family.

The survey of 400 Singaporeans aged between 18 and 64 was conducted in the fourth quarter of last year.

It found that travel has dropped from Singaporeans' top priority last year to sixth position now.

Four in 10 respondents said they would cut down on spending.

According to the survey, there are clear indications that luxuries and non-appreciating assets have now taken a back seat.

- CNA/ir