The experts, who range from business school lecturers to economists, say the trend is clear to them: Stores that are willing to take a slight profit hit will continue to thrive in the current climate, while those who do nothing but hope for a return to the margins of yesteryear will wither.

Said Singapore Polytechnic business lecturer Randy Ng: 'People have not stopped spending; they are just buying more value-for-money items.

Read the full story in Thursday's edition of The Straits Times.