How intensely are APAC’s consumers feeling the impact of inflation on housing costs?
Last month, we explored whether consumers in APAC expect their household finances to get better or worse over the next 12 months – across Australia, Hong Kong, Indonesia, Singapore and Thailand.
But with inflation rates globally remaining high, do APAC’s consumers feel that their housing costs have risen sharply over the past few months?
To what extent do consumers in APAC think that housing costs have recently grown higher?
Latest data from YouGov Surveys show that almost half of consumers in APAC (49%) feel that housing costs have increased in the past few months, with a quarter (26%) feeling the hike has been considerable.
In comparison, over half of consumers in EMEA (54%) and AMERS (57%) report grappling with higher rent and mortgages recently, with around a third (30-36%) reporting major price increases.
What proportion of consumers in key APAC markets think housing costs have risen significantly?
Consumers in Australia are significantly more likely than the average APAC consumer to say housing costs – such as rental payments and mortgages – have gone up in the past few months, while consumers in Indonesia and Hong Kong are much less likely to.
While half of APAC consumers (49%) say they notice housing costs have gotten higher recently, close to two in three consumers in Australia (64%) indicate so, with two in five (41%) saying there has been a major increase in prices. About half of Singapore’s consumers (52%) feel housing costs have grown, with a third (35%) reporting a major price increase.
In contrast, two in five of all consumers in Indonesia and Hong Kong (both 39%) think housing costs are on the rise, but only 17% in Indonesia and 8% in Hong Kong think the hike in prices have been considerable.
This is part 4 of our 4-part series on the impact of inflation on essential goods and services in APAC. Read the companion articles in the series via the links below.
Part 1: How intensely are APAC’s consumers feeling the impact of inflation on grocery prices?
Part 2: How intensely are APAC’s consumers feeling the impact of inflation on health & pharmaceutical items?
Part 3: How intensely are APAC’s consumers feeling the impact of inflation on energy bills?
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Methodology: YouGov Surveys: Serviced provides quick survey results from nationally representative or targeted audiences in multiple markets. The data is based on surveys of adults aged 18+ years in 18 markets with sample sizes varying between 510 and 2,044 for each market. All surveys were conducted online during January 2023. Data from each market uses a nationally representative sample apart from Mexico and India, which use urban representative samples, and Indonesia and Hong Kong, which use online representative samples. Learn more about YouGov Surveys: Serviced.