In Singapore, many youth are turning to underconsumption as a lifestyle choice in light of economic challenges. Unable to afford the high cost of living in the city-state, young Singaporeans are opting to downsize their consumption habits and prioritize financial stability. This trend is becoming increasingly popular among the millennial and Gen Z populations, who are facing job insecurity, rising inflation, and mounting debt.
According to a report by the South China Morning Post, the underconsumption trend is being fueled by a desire for sustainability and minimalism among Singaporean youth. Many are choosing to live with less, simplifying their lives and reducing their environmental impact. This shift towards underconsumption is also seen as a form of rebellion against the consumerist culture that prevails in Singapore, where material possessions are often equated with success and status.
The COVID-19 pandemic has further accelerated this trend, as young Singaporeans have been forced to reassess their priorities and financial goals. With job opportunities shrinking and the cost of living continuing to rise, many are choosing to prioritize experiences over material possessions and focus on building a sustainable future.
Despite the challenges of embracing an underconsumption lifestyle in a country known for its high cost of living, many young Singaporeans are finding fulfillment and satisfaction in their choice to live more simply. By prioritizing financial stability, sustainability, and well-being over material possessions, they are reshaping the cultural norms around consumption and redefining what it means to be successful in Singaporean society.
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