Singapore outperforms omnichannel spending in Southeast Asia
The market’s omnichannel spending accounted for 57.6% of retail spend in 2022.
The retail industry in Singapore was quick to recover from the impacts of 2020 and is seen to continue growth out to 2026, a GlobalData study showed.
It will continue to improve due to the return of aviation and tourism and other major events such as the F1 Grand Prix.
Meanwhile, the study also found that online penetration in Singapore has more than doubled over the past seven years, rising 6.1 percentage points between 2015 and 2022, and is higher than in other Southeast Asian countries.
Singapore also dominates when it comes to online and offline channel integration, with omnichannel accounting for 57.6% of spend in 2022.
“This is supported by the easy accessibility of both online and offline channels; the country has high internet penetration, and its population is concentrated in urban areas,” read the study.
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