How Singaporeans save money

What are the products that Singaporeans like to save money on? Why and how often do they reach for discounts? The Picodi.com analysis team conducted a survey among Singaporean consumers to check what is their attitude towards sales and to find out the most popular ways to save money.

What we save money on

The pandemic forced many Singaporeans to save money. More than half of the surveyed people (70%) admitted that over the past year, they bought more products on sale than before.

The product categories most frequently bought on sale include food, clothes and footwear, as well as home appliances. Products bought on sale the least are cars (car parts), jewellery, and travel & leisure.

There are products which Singaporeans are willing to wait for instead of buying them at the initial price. These include home appliances (87%), travel & leisure (83%), clothes (82%), cosmetics and perfumes (78%), or sporting goods (78%).

On the other hand, there are some categories of products which Singaporeans don’t want or can’t wait for — and they buy them regardless of whether there is a sale or not. These include medicine (56% don’t want to wait for discounts), food (45%), food on delivery (44%), pet supplies (39%), or child-care articles (37%).

Why do Singaporean consumers buy on sales? The most common answer among female and male respondents was that they can save a lot of money thanks to discounts (55% and 53% respectively). Almost half of the men and women surveyed (46% each) believe that the initial prices are too high, so they look for discounted products. The third most popular answer among both men and women (39% and 44% respectively) was that discounts allow them to become familiar with a brand.

Not everyone likes discounts. 16% of women and 31% of men ignore sales because they simply don’t worry about the prices. 15% of women and 21% of men don’t buy on sales because they think high quality products are worth their standard price. 8% of women believe that discounted products are poor quality or outdated, although as many as 16% of men share this opinion.

Sometimes Singaporeans buy products on sale and never use them. The top 5 categories of products which are thrown away or left unused on shelves are:

1. Food
2. Clothes
3. Underwear
4. Cosmetics and perfumes
5. Home appliances

Singaporean ways to save money

There are many ways to save money, that is why Picodi.com asked Singaporeans which methods for finding and using discounts are their favourite.

Among the most popular ones, price comparison services placed first. 14% of Singaporeans know this method and use it regularly, and as many as 27% use it from time to time. 24% participants admitted that they know what price comparison services are, but they don’t use them, and only 35% don’t know what it is at all.

Shelves with products reaching their expiry date are used regularly by 10% of those surveyed. 30% use them sometimes, 22% know and don’t use them. 38% claimed they don’t know about the existence of such shelves.

In the third place were coupon services — 8% use them regularly. 32% use them from time to time, 19% know and don’t use them, while 41% don’t know them at all.

Apps for ordering unsold food surplus are not very common (61% of the surveyed consumers don’t know what it is), similar to store flyers (62%), browser plugins with coupons (62%), and cashback services (36%).

What Singaporeans think about ads

What do Singaporeans think about advertisements, and do they feel overwhelmed by them? It turns out that more than half (48%) of the respondents think that the number of ads is acceptable. On the contrary, as many as 31% admit that there are too many advertisements. 21% of surveyed Singaporean consumers don’t feel like there are too many ads.

It turns out that the most popular ad that people receive is email — on average, as many as 30 a week. In second place are text messages (25 times a week). Mailbox leaflets complete the podium — consumers see them around 21 times a week.

Push notifications in browsers (14 per week) and in mobile apps (10 per week) are not as frequent.

If you want to be like other Singaporeans and save on home appliances, consider checking out our cashback service. With Picodi you can combine discount codes and cashback to save money in stores such as Amazon, Ezbuy and Banggood.

Methodology

The statistics are from an online survey conducted in July 2021.

Public Use

Would you like to share information about sales and discounts in Singapore? You are welcome to use all the data and infographics presented in this report for both commercial and non-commercial purposes, provided that you indicate the author of the research (Picodi.com) with a link to this subpage.