THE economy may be going through a bad patch but there is no better time than now for retailers to capitalise on consumers' positive sentiments.
This bold prediction from marketing firm Grey Group Asia Pacific came after research findings in its annual Eye on Asia study showed that over six in 10 Singaporeans are satisfied with their lives right now.
The proportion is the same as that for the average Asian.
But one factor that sets Singaporeans apart is that they are avid online shoppers and are ahead of the curve, compared to those in Asia.
Over six in 10 Singaporeans shop online, compared to the Asian average of about five in 10.
That's good news for online merchants.
Singaporean blog-shop owner, Ms Yan Ang, who runs LittleSweetNothings. com, a personal accessories site with items ranging from $10 to $35, will be offering more products on her website next month.
"Customers like to pick up little treats for themselves, so it's important to provide affordable and unique items," she said.
The survey by Grey Group polled over 33,000 people in 16 countries and territories about their sentiments and spending behaviour.
Asian consumers were also found to be generally positive about life.
The Grey Group told my paper that "positive advertisements" about people's dreams and hopes could let businesses connect better with consumers.
Grey Group's regional communications planning director, Ms Charu Harish, said that retailers would also have to "reframe value" when reaching out to consumers here.
"That could mean making luxury items like cars and watches more accessible," she added.
While purchases of big-ticket items like cars and expensive vacations are often affected when people are uncertain about the future, it does not mean that consumers will cut down on spending altogether.
Singapore Management University's Practice Associate Professor of Marketing, Dr Seshan Ramaswami, said: "Very often, people buy products to give themselves a temporary boost - so retailers of the little pleasures in life may not be very badly hit."
Corporate-affairs executive Catherine Wong, 27, told my paper: "I'm happy that, right now, my finances are still okay."
She intends to continue stocking up on books and DVDs.
Forking out $100 for a title that cannot be found in Singapore is a small price to pay for the convenience of shopping online, she added.
