1 in 2 posh Singaporeans confident of personal wage hike

As they expect rising cost of living.

According to Visa Affluent Study, eight in ten (80 percent) affluent respondents in Singapore expect the cost of living will increase in 2013, but more than half (54 percent) also believe that their personal incomes will continue to rise.

In terms of areas where affluent consumers have spent in the past year, enjoying evenings out (89 percent), family holidays (83 percent) and fine dining (82 percent) are the top three top spend categories.

Despite ongoing economic uncertainty, respondents are most likely to increase spending on family travel (34 percent) and on luxury weekend holidays (30 percent).

However, there were areas where respondents say they will reduce their spending in 2013. Among those who had spent on cars, three in ten are likely to reduce the amount spent in the next year and the same proportion among those who had spent on home entertainment systems will cut back.

The survey also showed 26 percent will not spend as much on furniture and interior design in 2013.

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