Why are Singapore consumers still spending despite rising inflation and higher costs of living?

Economists say that while consumption may be starting to retreat for some, overall spending momentum is still going strong. ST PHOTO: CHONG JUN LIANG
New: Gift this subscriber-only story to your friends and family

SINGAPORE - Inflation in Singapore, like in other major economies, has soared post-Covid-19, but the elevated cost of living has not put the brakes on consumer spending.

Economists say that while consumption may be starting to retreat for some, overall spending momentum is still going strong.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.