SINGAPORE–(BUSINESS WIRE)–User testing (NYSE: USER), a video leader human insightled a survey to study the effects of rising inflation on Singaporeans’ spending habits and personal finances. According to the survey results, 80% of Singaporeans said rising inflation had a direct impact on their daily and monthly expenses.
A host of cost pressures such as rising raw material prices, global supply disruptions, etc. have translated to end consumers in the form of high prices for goods and services across the board. . Thus, to meet their basic needs, Singaporeans reduce their current expenditure. Interestingly, 60% of Singaporean respondents mentioned that they were reducing their spending on entertainment and leisure. Personal care spending is also taking a back seat for Singaporean consumers.
Significant price increases for the most part
Nearly four in five respondents said they have seen an impact of inflation on their spending on groceries, entertainment and utilities since the start of this year. In addition to this, they also mentioned a sharp increase in the prices of gas, ready meal packages, electricity and water bills.
Turn to side hustles for extra income
Diminishing purchasing power and limited incomes have made Singaporeans aware of the need for additional income to meet rising costs. According to the survey, respondents revealed that four in five (85%) Singaporeans resort to side-hustle business alongside their full-time business trips for extra income. They mentioned exploring avenues such as freelancing, additional teaching jobs and part-time jobs as additional ways to cope with increased expenses.
Generic brands are gaining popularity over name brands
Another interesting insight from the UserTesting survey was that Singaporeans are shifting their preferences to generic or local products from branded products. Fifty percent of Singaporeans said they buy local produce now to cut costs, while 25% of respondents are about to make this change. They said that this change depends mainly on product categories. One example includes swapping brand name soaps and personal care items with less expensive generic brands.
About User Testing
UserTesting (NYSE: USER) has fundamentally changed the way organizations get insights from customers with fast, opt-in feedback and experience capture technology. The UserTesting Human Insight platform leverages our global network of real people and generates video-based recorded experiences, so anyone in an organization can directly ask questions, hear what users are saying, see what they want to say and understand what it really is to be a customer. Unlike approaches that track user behavior and then try to infer what that behavior means, UserTesting reduces guesswork and brings customer experience data to life with human insight. UserTesting has approximately 2,500 customers, including more than half of the top 100 brands in the world according to Forbes. UserTesting is headquartered in San Francisco, California. To learn more, visit www.usertesting.com.