Singaporeans ready to rcontrol their spending and travel less as they see high inflation persisting, says survey

Most of the survey respondents said they would prioritise spending on household necessities such as groceries, utilities and dining out. Meanwhile, shopping, recreation and travel ranked among their lowest priorities.

That suggests respondents are preparing for inflation to drag on for longer than what policymakers are estimating. DBS said both the expectation of higher prices and the indication of change in spending behaviour shows that the boost to retail after relaxation of Covid-19 curbs early this year may only last for another couple of months beyond April.

"Consumer demand in Asia is chugging along due to an improving labour market and reopening tailwinds, but the rising cost of living will become a headwind for households with smaller savings buffers," Japanese investment bank Nomura International said in a recent research report.

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