I keep hearing how most businesses found 2012 more difficult compared to 2011. I am in agreement. Now, to dampen spirits further, if a report by Nielsen's is correct, 2013 could be even tougher.
In a survey carried out, it seems that consumers in Singapore are cutting back on discretionary spending in 2013. The top 3 areas of cut backs:
1. New clothes (55%)
2. More expensive grocery (47%)
3. Utilities (47%)
If we think that it is probably due to a lack of job security or the rising cost of living in Singapore that is causing consumers here to cut back, we are not wrong.
However, it was also found that consumers will remain cautious in their household expenses even if there should be an improvement in the economy. I believe that this hints at a general feeling of pessimism and a distrust of the economy that runs deeper than what ......