More Singaporeans splurge on overseas trips on back of robust consumer confidence

Almost 9 out of 10 consumers will travel this year.

Singaporeans are showing a greater appetite for foreign travel on back of robust consumer confidence. MasterCard’s Consumer Purchasing Priorities survey showed that 87% of respondents intending to travel this year.

The top international travel spenders from Southeast Asia in 2014 came from Thailand. Thais spend approximately $2,825 (USD 2,100) on trips, followed closely by Singapore respondents, who spend $2,272 (USD 1,800).

The most travelled people hailed from Singapore, with 82% having travelled internationally in the past 12 months followed by Malaysia at 67% and Thailand at 65%.

The biannual survey revealed that local consumer confidence registered 60.9 index points, a significant improvement of 13.5 points from the neutral sentiment expressed a year ago.

Across all five indicators of consumer confidence, Singapore residents expressed more optimism for 2015 – Singapore’s Golden Jubilee year celebrating 50 years of independence. The largest improvement in outlook came from heightened expectations in the quality of life, followed by stock market movements and general economic outlook.