Meanwhile, the proliferation of around-the-year sales has dampened the hype and momentum that were previously captured during Singles Day, Black Friday, Cyber Monday and Double Days. Indeed, the once-booming Great Singapore Sale came and went without so much as a peep last year. Sales are now so common that Singaporean consumers have become desensitised to the emboldened ‘discount’ sign.
Retailers today are under intense pressure to meet customer demand for cut-price deals and rapid delivery during sales season. However, a sharp dip in last year’s holiday season sales may have some retailers questioning whether the season’s glory days are behind them.
Since 2022, the global economy has faced numerous challenges as the world slowly returned to its pre-COVID norms. And this was no different in Singapore: inflation and the cost of living have skyrocketed in the country, leading the government to offer rescue packages to help burdened consumers pay their bills.
