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The actual savings rate in Singapore is around 40%, and Confucianist countries also have a strong notion of "face", including conspicuous consumption to keep up
by thematrixturtle 4y ago
The actual savings rate in Singapore is around 40%, and Confucianist countries also have a strong notion of "face", including conspicuous consumption to keep up appearances. But feel free to visit any Singaporean shopping mall or restaurant: it's locals who are doing the vast majority of the spending.
- menshiki 4y agoI've spent years in Taipei and I have definitely observed the phenomenon you're describing. However, from my experience, it's mostly the ultra rich/upper class people that occupy the department stores on weekends.