According to the Department of Statistics’ (SingStat) Household Expenditure Survey 2012/2013, there’s been an increase in both incomes and expenditures within households in Singapore last year as compared to five years ago. The statistics surged despite taking into account inflation rates.
There’s an increase of 5.3 percent – from $8,105 to $10,503 – annually in the average monthly household income from 2008. The average monthly household expenditure also saw a rise of 4.4 percent – from $3,809 to $4,724.
The bottom 20 percent of households saw a higher rise in income than the higher-income households.
The gap between earnings and spending among the low- to middle-income household has shrunk. However, their average monthly income of $2,022 still wasn’t enough to cover their average expenditure of $2,231. This could be due to the higher percentage of retirees in this category.
SingStat links the increase in expenditure to the boost in health awareness among households, thus citizens have been paying for higher-quality food products and services.
The main contributors in household expenditure are housing, food and transport, making up 65 percent in total.
Responding to the survey results, CIMB economist Song Seng Wun said, “We’re seeing businesses pay more and the Government has moved to push wages up. This should help to support wage growth on both the nominal and real income levels.”
According to the Department of Statistics’ (SingStat) Household Expenditure Survey 2012/2013, there’s been an increase in both incomes and expenditures within households in Singapore last year as compared to five years ago. The statistics surged despite taking into account inflation rates.
There’s an increase of 5.3 percent – from $8,105 to $10,503 – annually in the average monthly household income from 2008. The average monthly household expenditure also saw a rise of 4.4 percent – from $3,809 to $4,724.
The bottom 20 percent of households saw a higher rise in income than the higher-income households.
The gap between earnings and spending among the low- to middle-income household has shrunk. However, their average monthly income of $2,022 still wasn’t enough to cover their average expenditure of $2,231. This could be due to the higher percentage of retirees in this category.
SingStat links the increase in expenditure to the boost in health awareness among households, thus citizens have been paying for higher-quality food products and services.
The main contributors in household expenditure are housing, food and transport, making up 65 percent in total.
Responding to the survey results, CIMB economist Song Seng Wun said, “We’re seeing businesses pay more and the Government has moved to push wages up. This should help to support wage growth on both the nominal and real income levels.”