UserTesting Highlights Effects of Inflation In Singapore: Four Out Of Five Singaporeans Join The Gig Economy To Make Ends Meet
July 13 2022 - 9:00PM
Business Wire
- As per UserTesting’s survey, 80 percent of Singaporeans
reported that growing inflation is directly impacting their
expenditure
- Singaporeans witness the highest impact of inflation on the
prices of groceries, entertainment, and utilities
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.
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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.
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UserTesting, Inc. Andy Dear 978-609-1472
adear@usertesting.com
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