The following article and infograpghic is provided by Katie Paterson, of Dutch online coupon company, Flipit.com.
In 2009, Singapore became the first country in Asia to be affected by the global recession, directly due to their prominent trading with various developed countries that had already been severely affected . However, Singapore rapidly recovered from this economic slump, emerging from their brief period of crisis economically stronger than before. Contrary to plausible predictions that the recession would negatively affect consumer activity, online spending in fact experienced an impressive increase less than a year following the recession.
Indicative of this, Dutch online coupon company, Flipit.com have provided the following infographic, which shows online spending figures in Singapore rising rapidly immediately following the stock market collapse. The rate of retail e-commerce growth in Singapore is a clear indication of their strong recovery, as spending has risen from under $1 billion (SGD) in 2009 to around $3.5 billion in 2014, with spending still expected to increase further to $4.4 billion by 2015 . Continue Reading →