BUS105: A report shows that Covid-19 reduced household expenditure in Europe by 8% in 2020: Statistics Report, SUSS, Singapore

A report shows that Covid-19 reduced household expenditure in Europe by 8% in 2020. Elsewhere, consumer spending also dropped significantly in 2020, with 4% seen in the United States, and 17% reported in China (Broom, 2021).
After reading the report, Mr. Goh, a student of Singapore University of Social Sciences, was interested to find out how Covid-19 has affected the household spending in Singapore.

Surprisingly, he found news saying that consumer spending among Singapore residents was resilient and at a similar level to 2019 (Choo, 2021).

In order to have a better understanding of the impact of Covid-19 on household spending of Singapore residents, Mr. Goh decided to conduct a survey.

He got a random sample of 32 students from Singapore University of Social Sciences, and collected data on their average monthly household expenditure in 2019 and 2020.

Based on his own experience, he hypothesised that the household expenditure of Singapore residents in 2020 is lower than that in 2019.

The data is given in the Excel data file “BUS105_household expenditure”.

Question 1

(a) Using relevant Excel reports, describe and state the values of three location measures and three dispersion measures of average monthly household expenditures in 2019 and 2020.

(b) Use relevant charts to describe household expenditures in 2019 and 2020.

(c) Develop a summary report to address Mr Goh’s hypothesis. You are expected to provide interpretation to numerical measures and charts in parts (a) and (b). You are not required to do any further inferential analysis, or report the numerical measures and charts again.