Amid growing uncertainty about the global and local economic landscape, a recent YouGov survey reveals that 83% of Singaporeans are deeply concerned about rising living costs, while 45% anticipate a recession within the next six months.
Conducted in four waves between May and June 2025, the survey of 4,040 adults aged 18+ provides critical insights into public sentiment, generational differences, and planned spending behaviours. Below, we analyse the key findings and their implications.
| Generation | Key Details | Insights |
|---|---|---|
| Gen Z and Millennials | - Optimism on Growth: 29% of Gen Z and 26% of Millennials expect economic growth in Singapore. - Key Concerns: Housing affordability is a top financial worry for both groups. |
Relatively higher optimism among younger generations, but facing long-term housing challenges. |
| Gen X | - Pessimism on Stability: 29% of Gen X respondents expect a domestic recession. | Heightened concerns about economic stability among this generation. |
| Baby Boomers | - Healthcare Prioritisation: Focus on healthcare access, affordability, and elderly care. | Emphasis on essential needs as they age, reflecting priorities in their financial outlook. |
| Category | Key Details | Insights |
|---|---|---|
| Cost of Living | - Definite Increase Expected: 47% of respondents anticipate a definite rise in living costs. - Possible Increase Expected: 42% foresee a potential increase. |
A large majority expect rising living costs, with only a small minority expecting no change. |
| Disposable Income Changes | - Decrease Reported: 46% experienced a decrease in disposable income over the past six months. - Increase Reported: Just 17% saw an increase. |
Widespread financial strain is evident, with significantly more reporting a decrease than an increase. |
Based on YouGov's survey data, here’s the full list of how Singaporeans plan to adjust their spending over the next 6 months:
| Expenditure Type | Allocate Less Money (%) | Allocate More Money (%) |
|---|---|---|
| Dining Out | 26% | 13% |
| Indulgent Food & Drinks (e.g., bubble tea) | 23% | 10% |
| Luxury Goods (e.g., watches, bags) | 21% | 4% |
| Entertainment (e.g., concerts, cinema) | 21% | 6% |
| Food Delivery & Takeaway Meals | 20% | 12% |
| Apparel (e.g., clothing, footwear) | 19% | 9% |
| Socialising (e.g., pubs, bars, nightlife) | 19% | 4% |
| Private Transport (e.g., ride-hailing, taxis) | 18% | 8% |
| Going Overseas for Vacation | 17% | 21% |
| Travel Accommodation (e.g., hotel, Airbnb) | 14% | 14% |
| Electronics/Gadgets | 13% | 7% |
| Media Streaming Subscriptions (e.g., Netflix) | 13% | 7% |
| Beauty & Personal Care (e.g., cosmetics, hair) | 13% | 9% |
| Hobbies-Related (e.g., pets, sports) | 12% | 6% |
| Wellness (e.g., gym memberships) | 11% | 8% |
| Home Improvement (e.g., renovation) | 11% | 13% |
| Purchasing a Car | 10% | 4% |
| Purchasing a House | 9% | 4% |
| Investment (e.g., stocks, gold, crypto) | 8% | 20% |
| Household Support (e.g., domestic helpers) | 7% | 8% |
| Insurance Policies/Premiums | 7% | 11% |
| Healthcare (e.g., vitamins, supplements) | 6% | 19% |
| Education/Training (e.g., enrichment classes) | 6% | 10% |
| Deposit into Savings Account | 6% | 31% |
| Others | 1% | 1% |
The survey paints a clear picture of widespread concern about rising costs and economic instability, with generational differences shaping financial priorities and spending behaviors.
While younger generations, such as Gen Z and Millennials, focus on housing affordability and future investments, older generations like Baby Boomers prioritise healthcare and stability.
Key Takeaways:
As Singaporeans brace for potential economic challenges, strategic planning and adaptability will be crucial for navigating the uncertain months ahead.
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