UOB cardholders consumed the most coffee in October 2023, all while core inflation averaged 4.2% in 2023, up from 4.1% in 2022.
With inflation remaining sticky at elevated levels, consumers worldwide have adjusted their spending accordingly. But there is one thing they cannot seem to give up — coffee.
A 2023 year-end report on consumer spending in Singapore by United Overseas Bank (SGX:U11
) (UOB) found that cardholders spent over $47 million on heartland “kopi” and more premium brews, with close to 4.5 million transactions in total.
