76% of rich Singaporeans ignores cutting down on expenses

They may even spend more vs last year.

According to the Visa Affluent Study 2013, more than three quarters (76 percent) of affluent consumers in Singapore expect to spend the same or more on discretionary items in 2013, compared with the previous year. 

The study, conducted among countries in the Middle East and Asia Pacific, surveyed more than 500  respondents in Singapore with an annual household income in excess of S$100,000.

It also looked at affluent consumers’ spending habits, priorities, optimism about the future and indexed their propensity to spend on discretionary items in the future.

Ooi Huey Tyng, Visa country manager for Singapore and Brunei, says affluent Singaporeans will continue to spend on dining and travel while moderating purchases of luxury products.

“With higher disposable incomes, affluent consumers in Singapore have a positive outlook for the economy and have stronger intentions to spend. What is surprising is that most respondents agree that wealth is not about buying the latest designer handbag or flashy watch, but is about experiences and enjoying life to the fullest with friends and family.”