Singapore’s economy is reopening but most residents prefer to stay at home.
According to a recent study by Digimind, three out of four Singapore residents have indicated their preference to stay at home. The ratio closely matches similar findings from Malaysia, the Philippines, Indonesia, and Hong Kong.
As consumers stayed indoors, their buying habits have started to shift in a big way.
The change was particularly acute during the circuit breaker period when residents spent most of their time at home.
With movement restricted, most of the daily activities which were once done outdoors, moved indoors as well.
The shift in consumer behaviour was stark.
Singapore’s once-popular shopping malls saw footfall decline by as much as 80% in May. Ridership for public transportation plunged by 80% year on year.
But not all companies suffered the same fate.
In fact, there are a select few that experienced a sharp surge in demand in what is now referred to as the stay-at-home economy....