UserTesting Highlights Effects of Inflation In Singapore: Four Out Of Five Singaporeans Join The Gig Economy To Make Ends Meet

Rhea-AI Summary

UserTesting (NYSE: USER) conducted a survey revealing that 80% of Singaporeans are feeling the effects of rising inflation on their spending. Key findings include significant increases in prices for groceries, entertainment, and utilities. 85% of respondents reported taking up side hustles to cope with financial strains, while 50% are choosing generic products over name brands to save costs. The survey highlights that many Singaporeans are cutting back on leisure activities and personal care spending due to these economic pressures.

Positive

• 85% of Singaporeans are engaging in side hustles for additional income.
• 50% of respondents are opting for local or generic brands to save costs.

Negative

• 80% of respondents report inflation impacts their daily and monthly expenditures.
• Significant cuts in personal care and entertainment spending.

• 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

SINGAPORE--(BUSINESS WIRE)-- 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.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220713005886/en/

UserTesting, Inc.

Andy Dear

978-609-1472

adear@usertesting.com

Source: UserTesting

FAQ

How does inflation affect UserTesting's business in Singapore?

According to their survey, inflation is leading Singaporeans to cut expenditures, potentially impacting UserTesting's market as consumers prioritize basics.

What percentage of Singaporeans feels inflation affects their spending?

80% of Singaporeans reported that inflation is directly impacting their expenditure.

What are Singaporeans cutting back on due to inflation?

Singaporeans are cutting back on entertainment, leisure, and personal care spending due to inflation.

What alternative income sources are Singaporeans exploring?

85% of Singaporeans are turning to side hustles, including freelancing and part-time jobs, to cope with increased costs.