SINGAPORE--(BUSINESS WIRE)--UserTesting (NYSE: USER), a leader in video-based human insight, conducted a survey to study the effects of the rising inflation on Singaporeans’ spending habits and personal finances. As per the survey findings, 80 percent of Singaporeans reported that growing inflation is directly impacting their daily and monthly expenditure.
A host of cost pressures such as rising commodity prices, global supply disruptions, and more has been translated to end consumers in the form of elevated prices for goods and services across the board. Therefore, to meet basic needs, Singaporeans are cutting back on their everyday expenses. Interestingly, 60 percent of Singaporean respondents mentioned that they are cutting entertainment and leisure spending. Personal care spending is also taking a backseat for Singaporean consumers.
Steep cost hikes for essentials
Nearly four out of five respondents reported that they have seen an impact of inflation on their expenditure for groceries, entertainment, and utilities since the start of this year. Adding to this, they also mentioned a sharp increase in gas prices, readymade food packets, electricity, and water bills.
Turning to side hustles for extra income
The diminishing purchasing power and limited earnings have made Singaporeans realize the need for additional income to meet increased costs. As per the survey, respondents revealed that four out of five (85 percent) Singaporeans are resorting to side hustles along with their full-time professional stints for some extra income. They mentioned exploring routes such as freelancing, additional teaching jobs, and part-time jobs as additional means to meet the increased expenses.
Generic brands gain popularity over name brands
Another interesting insight drawn out from the UserTesting survey was that Singaporeans are shifting their preferences to generic or local products from name brand products. Fifty percent of Singaporeans said they are buying local products now to cut costs, while 25 percent of respondents are on the verge of making this shift. They said that this shift basically depends on product categories. One of the examples includes swapping branded soaps and personal care items with cheaper generic brands.
About UserTesting
UserTesting (NYSE: USER) has fundamentally changed the way organizations get insights from customers with fast, opt-in feedback and experience capture technology. The UserTesting Human Insight Platform taps into our global network of real people and generates video-based recorded experiences, so anyone in an organization can directly ask questions, hear what users say, see what they mean, and understand what it’s actually like to be a customer. Unlike approaches that track user behavior then try to infer what that behavior means, UserTesting reduces guesswork and brings customer experience data to life with human insight. UserTesting has approximately 2,500 customers, including more than half of the world’s top 100 most valuable brands according to Forbes. UserTesting is headquartered in San Francisco, California. To learn more, visit www.usertesting.com.