Shoppers remain cautious about spending this festive
period
SINGAPORE: The buzz is back on Orchard Road this festive
period with bigger malls, brighter lights, and an improving
economy.
Retailers along the shopping belt are going beyond
slashing prices to get shoppers in, but the challenge is to turn
the browsing into buying.
"Increasingly I see some sparks of innovations from malls, where
they use social networking tools like Facebook and Twitter to get
their message across to shoppers," said Esther Ho, manager of
Retail Studies at Nanyang Polytechnic.
"I think they're looking at building loyalty with their customers
and getting them back after the Christmas period as well."
Observers said the way retailers fare this festive season will be a
good gauge of how 2010 will turn out.
So, with the different businesses rolling out their array of
promotions and discounts, will consumers bite the bait?
"I have more money now than (during the thick of recession), so I
think I'm going to spend more," a shopper said.
However, another consumer was not as positive: "I'm not going to be
spending more this year, because although things might be looking
better, my bonus is still not that great."
New additions to Orchard Road may have sparked concerns that the
malls are competing for the same customers.
But industry players said the immediate impact of the new malls has
been to bring the public's attention back to the shopping belt,
spelling positive news for all.
Ellen Yeo, vice-president of TANG's Store Management, said: "We're
quite cautiously optimistic that with all the new malls coming up,
and more tourists and more people travelling to Orchard Road, we
expect a double-digit growth compared to last year."
However, how much of that expectation materialises into actual
spending remains to be seen.
- CNA/yb