Singaporeans to shell out $1,500 on Lunar New Year: survey

Where will it be spent?

According to a recent survey by UOB, Singaporeans will dedicate an average of $1,500 to usher in the Lunar New Year this year. More than $650 (43%) will go to giving red packets to close family members in recognition of the importance their family plays in their lives. New Year shopping for items such as new clothes (24%) and paying for reunion dinners and delicacies (22%) account for the remainder of Lunar New Year budgets.

The amount people said they would place in red packets reinforces the appreciation and respect respondents have for their parents and grandparents. 

Parents are likely to receive on average $236 in their red packet while grandparents can expect to receive $143. 

Younger members of the family can expect a comparably smaller red packet of less than $70. Extended family members and relatives and non-family members will be receiving the smallest red packets at $12 and $8 respectively.

When asked what they would do with the red packet money, 84% said they intend to put the money into their savings accounts. Another 29% of respondents said they would spend it.