8 in 10 consumers are rethinking spending
Four industries will be most affected by this change.
Amidst rising inflation and economic uncertainty, most consumers (84%) in Singapore are reassessing their budget and thinking more critically about where they should spend their money.
Research from Salesforce showed this change will affect the travel and hospitality industries the most, with 83% saying they will reassess their holiday spending and eating out over the coming year.
Retail, as well as media and entertainment, will also be at risk, with 81% and 74% of consumers, respectively, reporting reassessment plans in those sectors.
Given the rising prices, more than half of consumers (60%) expect better experiences from their favourite brands.
According to Salesforce's research, consumers will remain loyal to brands that deliver faster service (77%) and offer a more personalised experience (72%).
Consumers also expect brands to use their data to offer more relevant customer services, with 57% expecting companies to react instantly with the most up-to-date information when transferring across departments. Meanwhile, 81% said companies that provide data security will encourage their loyalty.
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