Rich kids: 1 in 3 wealthy Singaporeans to splurge on outings in 2015

Designer bags, watches are also on the shopping list.

If you’re wondering what rich people spend their money on, then here is the answer you’re looking for. More and more wealthy Singaporeans will splurge on holiday in the next 12 months, a survey from Visa revealed today.

According to Visa, almost 1 in 2 of affluent Singaporean respondents are going to increase their discretionary spending in the next 12 months.

“Respondents are most likely to increase spending on family holiday (39 percent), followed by a night/evening out (33 percent) and fine dining (30 percent). On average, respondents are willing to spend $6,900 on a family holiday, $700 for a night/evening out and $500 for fine dining,” the survey noted.

Here’s more:

Besides holidays, the most likely overseas luxury purchase among respondents is designer handbags (45 percent), followed by designer watches (31 percent) and designer clothes (30 percent).

However, respondents who say they will increase discretionary spending in the next 12 months are least likely to spend more in the next 12 months on a bottle of wine and home entertainment system (13 percent each), followed by a bottle of alcoholic spirits and designer shoes (16 percent each).

For big ticket items, 51% intend to spend more on big ticket items such as cars, family holidays, designer watches and jewellery in the next 12 months. On average, the largest amount respondents are willing to spend on a car is 52% more than the maximum amount they spent on a car in the past one year.

Respondents are willing to spend on average a maximum of $166,200 for a new car, $5,400 for a designer watch and $4,300 for jewellery, based on the survey results.

Respondents in Singapore were optimistic about economic growth with one in two respondents (52 percent) saying that they believe the local economic condition will improve in 2014, compared with 40 percent in 2013.

The most optimistic country in Asia Pacific is China with 69 percent believing their local economy will improve this year. At the other end of the scale, Indonesia has the largest reduction in the proportion of those who are confident about the local economic condition with less than half (48 percent) believing their economy will improve in 2014 compared to 65 percent last year.