Consumers in Singapore becoming more mindful of spending habits due to economic slowdown & GST hike. Live streaming & shopping surge, but video fatigue a growing concern for advertisers. Watch here: SingaporeBusinessReview
As per Toh Yi Hui, Anymind Singapore Country Manager, people in Singapore have become more conscious of their spending. With the current economic slowdown and the recent GST hike, people are likely to be more thrifty in their spending this year. This has resulted in a reduction in spending in recent months, pushing businesses to find new ways to interact with customers and keep up with this trend.
Live streaming and live shopping are becoming increasingly popular in Singapore as people turn to these platforms for shopping and research. Social media behemoths such as Tiktok, Facebook, and Instagram are taking advantage of this trend by simplifying the online shopping experience, from product browsing to checkout. Brands are also using these platforms to get closer to their customers and increase brand awareness.
However, video fatigue is a growing issue for advertisers. With consumers rapidly scrolling through social media using just one finger and having limited attention spans for ads, platform owners are encouraging advertisers to create more eye-catching and engaging advertisements. Influencer marketing is also on the rise as people are drawn to content that is relevant to their lives.
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