Great Singapore Stale: Here’s why the Great Singapore Sale has become irrelevant to shoppers

Consumers are no longer hyped, analysts say.

What were once jampacked malls were reduced to a slow Sunday scenario during Singapore’s recent Great Singapore Sale, even as the once popular event was extended from eight weeks to ten.

But what has caused even the hottest shopaholics to grow lukewarm? A report from RHB said this is due to weak consumer sentiment from concerns over the economy and job security, as well as the growing irrelevance of GSS with more promotional seasons available online.

The report noted that retailers need unique selling points to survive, as many offline retailers downsize or exit when faced with a myriad of competition.

“However, we believe that brands that are able to create unique selling points will survive well, as consumers continue to search for a novelty and differentiated experience,” the report added.

RHB also noted that it is evident in top fast-fashion players (eg Uniqlo and H&M) that continue to be footfall-magnets due to their product technologies and innovation.

On the other hand, RHB Said retailers are also finding it hard to measure up with the high cost of rent and competition from the online space.

“As such, we expect more brands to move into omni-channel retailing in the near future, where digital platforms are integrated with offline retailing,” the report added.