Singaporeans may be more generous in giving hongbaos this year: survey

Singaporeans who will be giving out hongbaos, or red packets, during the Chinese New Year festive season have on average a budget of 817 Singapore dollars (605 U.S. dollars), according to a latest survey.

The figure for the Year of the Goat, based on the survey by the United Overseas Bank (UOB), is 13 percent higher than the average of 722 Singapore dollars for the Year of the Horse (535 U.S. dollars).

In Singapore, where most of the Chinese community had their roots in southern China, hongbaos are traditionally handed out by married couples during Chinese New Year to single adults, children and parents as a token of good luck. The amount given largely depends on the kind of relationship.

The bulk of the hongbao budget will be going to parents and parents-in-law, with each expected to receive 209 Singapore dollars and 174 Singapore dollars per person, respectively. Among other top recipients, grandparents are expected to account for 103 Singapore dollars of the budget, spouses account for 191 Singapore dollars, siblings 98 Singapore dollars, and children, nephews and nieces 97 Singapore dollars.

About 67 percent of those who expect to receive hongbaos said they would save the money, 9 percent would use it to pay off debts and another 9 percent would invest it. About 2 percent said they would donate it to charity.

Overall, Singaporeans plan to set aside an average of 2,345 Singapore dollars (1,737 U.S. dollars) for spending during the Chinese New Year, down 8 percent year on year. Aside from the 817 Singapore dollars for red packets, an average of 429 Singapore dollars will be spent on travel, 282 Singapore dollars on reunion dinners and 255 Singapore dollars on new clothes.

The bank said the lower overall budget may be a reflection of consumer sentiment. Almost 60 percent of respondents said they expected the economic situation to stay the same, and 27 percent expected the situation to decline. Endi