Eight out of 10 Singaporeans still willing to splurge on travel despite tighter budgets: survey

But almost 70% are looking to cut costs.

Singaporeans are still willing to splurge on travel despite fears of a softening global economy, according to a study by Wyndham Hotel Group.

Escalating economic jitters have pushed 68% of respondents to be more cost-conscious in their personal financial outlook for 2016. However, despite personal budget cuts, 81% said they would still travel about the same or more than the previous year, with 36 per cent willing to spend half of their discretionary spending budget or more on travel.

The survey also found 44 per cent of respondents were planning for a once-in-a-lifetime international trip and a third of them were intending to travel domestically around the region in 2016.

“We expect outbound tourism to continue to increase as travel is becoming an integral aspect of the average Singaporean’s lifestyle. This trend is further stimulated by the country’s world-class infrastructure, increased flight routes by low-cost carriers and the appreciating value of the Singapore Dollar,” Barry Robinson, President and Managing Director of Wyndham Hotel Group South East Asia and Pacific Rim.