Food price increase? Most Singaporeans say they can absorb it
Consumers in Singapore are relatively unfazed by the thought of food prices heading north, with 69 per cent indicating there is enough flexibility in their household budget to absorb a rise in food prices.
They also do not think that they would make significant sacrifices to their spending in other areas if food prices do rise, according to a report released on Tuesday by research firm Nielsen.
A similar sentiment was seen in other countries in Southeast Asia including Thailand (78%), Indonesia (70%), Vietnam (70%), Malaysia (66%) and the Philippines (58%).
The survey, which polled more than 29,000 internet respondents in 58 countries also found that while many Singaporeans were unlikely to make significant spending cuts to cope with rising food prices, many indicated that they would look to dine out less, buy fewer clothes and accessories, and eat less snack foods should the need arise.