Singapore consumers stay cautious despite income growth hopes

Essentials drive spending plans.

Singapore consumers remain highly price-conscious despite improving income expectations, with groceries, transport, and household goods ranking as their top spending categories in Roland Berger’s Asia Consumer Study 2026.

The study said Singapore’s private consumption totalled US$179.3b in 2025, whilst 56% of respondents said they felt positive about the future and 48% expected income growth over the next two years.

However, the firm noted consumers continued to prioritise value, relying on comparison shopping, promotions, cashback offers, and loyalty programmes to manage spending.

Groceries remained the dominant wallet category, with 77% of respondents placing it amongst their top five spending categories.

Looking ahead, 64% said they expected grocery spending to rise over the next two years, followed by transport at 62%, healthcare at 51%, household goods at 49%, and housing at 48%.

Roland Berger said Singapore consumers were amongst the most price-sensitive in Asia, with caution extending across categories from groceries to personal care.

The firm added that the city-state had the highest share of “Security Seekers” in Asia at 19%, reflecting a strong preference for safety, predictability, and well-informed decisions.

Luxury demand, however, remained selective rather than weak. The study found that 59% of Singapore consumers valued quality and brand reputation over price for luxury purchases, whilst 34% said they were willing to change shopping habits for luxury products in the next 12 months.