The Big Squeeze: 34% of Singaporeans willing to cut luxury spending

Watches & jewellery, fashion & accessories and cars top their austerity list.

40% of Singapore respondents said they were spending less on watches & jewellery when asked: "Is the amount of money you are spending on luxury products in any of the following categories, more, less, or the same as last year?" in a new Agility Luxe Poll conducted online in March.

37% also aim to cut down on fashion & accessories purchase. Meanwhile, 34% are considering holding off on a new car, which among Asia is less only than Indonesia where 39% of respondents plan to reduce spending on luxury cars, the study noted.

Meanwhile, while Holiday Destinations (28%) and Gadgets (29%) were the two categories for which the least number of respondents were planning to cut spending.

Overall, 34% of the Singapore respondents polled plan to cut spending on luxury items in 2012, which seems to be in the middle ground for compared to their Asian neighbors. On the less worried scale are China and Hong Kong respondents among which only 25% were willing to reduce their luxury purchases this year, while frugal attitudes were more pronounced in Malaysia where 49% of respondents were willing to cut back, followed by India (40%) and Indonesia (39%).