Half of Singaporeans shop local to help businesses recover from COVID-19 impact
Consumers also spent at socially-responsible businesses.
One in two (51%) Singapore consumers prefer to shop at local businesses to help them recover from the business fallout caused by COVID-19, a survey by UOB found.
The bank's recent ASEAN Consumer Sentiment Study shows that more than three in five (62%) consumers across ASEAN have expressed their desire to stand in solidarity with local businesses.
UOB head of group business banking Lawrence Loh noted that the results of the study offer welcome relief to businesses under pressure.
“After eight months of struggling to stay financially viable as COVID-19 restrictions hit bottom lines, every dollar directed to a local business can and does make a difference. Beyond the financial fillip, this spending choice creates a morale boost to the owners and employees of our local companies as they know people are standing by them,” Loh said.
The findings come as one in two local businesses have reported revenue declines of more than 50% due to the COVID-19 impact, and have been looking at ways to rebuild their business as Singapore continues to reopen its economy.
UOB’s survey also saw that 43% of Singapore consumers are deciding to spend at businesses that use sustainable business practices, whilst 40% have spent on businesses that supported people affected by COVID-19.
“This social trend underscores even more clearly the importance of businesses operating responsibly and sustainably. Those companies that incorporate responsible business practices into their strategy will benefit longer-term,” Loh said.