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Retailers' reliance on local demand may not be sustainable: Survey
This is despite some businesses here seeing higher sales in Sept, Oct
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Aspial, owner of home-grown brands such as Goldheart, is among retailers participating in American Express' campaign called Shop Small. For the whole of next month, card members will enjoy $5 in cashback when they spend at least $10 at participating businesses, up to three times.
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Despite the pandemic, about one in two retailers in Singapore still experienced higher sales from September to October this year than last year, but banking on local demand may not be sustainable.
That is according to an American Express survey released on Monday that surveyed 300 small and medium-sized enterprises (SMEs) in Singapore with annual revenues of $100 million or less.
