ONLINE SHOPPING: Personal Financial Advice for Shopaholics


‘Oniomania’, the uncontrollable urge to buy things, has become
somewhat of an ‘acceptable addiction’ these days. With more people confined to closed quarters and working from home due to pandemic movement restrictions, online shopping has become a convenient way to access necessities, grab great bargains, and even quell boredom.

According to BestInSingapore1 , online shopping websites like Shopee, Lazada and Qoo10 have gained huge momentum, in the wake of the COVID-19 pandemic. Analytics reveal that some of the largest purchases were made by Singaporeans falling under the demographic of 25-34 years old, with an average S$440 being spent per shopper on e-commerce platforms. According to Credit Counselling Singapore, more than 10,000 people have fallen prey to financial troubles arising from overspending.

A recent Straits Times report3 reveal that personal debt for young people in Singapore has soared during the pandemic; the average personal loans and overdraft balances for under 30 rose by about 23 per cent in the first quarter of this year over the last three months of last year.

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