Earlier Singaporeans used to reach out to Orchard Road just to satisfy their shopping spree. Now the entire scenario has changed due to the digitized transformation of traditional shopping. Now people are more prone to using their mobile phones to shop online.
Singapore’s changed a lot in recent few years but there are many trends that are still there. Due to this digitized world now Singapore has become one of the most sleep-deprived nations across the world. Today people are working longer hours and the demand for convenience is at an all-time high. All these have resulted in the boom of below three industries that are going to stay here and not going to see a dearth of customers in Singapore anytime soon.
1. SLEEP INDUSTRY
Being one of the most sleep-deprived nations, people crave to sleep. Long working hours definitely is instrumental in bringing it to this verge, but that’s just one cause amongst many. Most of the people here are glued to their smart devices most of the time – all day and all night long – which has already collapsed their sleep cycle.
Moreover, here people are too stressed out to sleep due to the long work hours. This has pushed this nation into the grip of insomnia which has become very common in Singapore.
That’s why the sleep industry has flourished leaps and bounds in Singapore. There is a great demand for those products and services that allow the stressed out Singaporeans to take a sound sleep quickly. There are several businesses that are also renting out sleep pods in the CBD for stressed-out office workers who need half an hour to shut-eye in order to sustain the energy for another half of the day.
2. HOME DELIVERY AND CONVENIENCE
Busy Singaporeans are always fond of convenience and are always willing to pay for it as it has become a luxury for them. Of course, the cab ride could ideally be 10 times costlier than boarding the bus and MRT, but saving 45 minutes of their time is worth than saving money.
This perspective has given rise to the food delivery industry here, with many more companies and eateries trying their luck in the already crowded market. All these have given birth to online food courts like Deliveroo, UberEATS, Food Panda etc.
Live-in maids are yet another industry shooting up and is in great demand despite ever-shrinking living space just due to the time shortage to look after the kids, clean the house and cook when the homeowners are away from home working 12-hour days.
They are ready to pay a hefty amount to get these conveniences as long as their lives are hectic and stressful. Considering the evolving technology and amenities, it looks like very soon we will see businesses offering to help switch on and off the AC and brush people’s teeth or wipe their asses.
3. SHARING ECONOMY
Singapore is quite an expensive nation and this is why all their lives citizens of this nation keep paying for their homes, vehicle and other taxes. This is how they are so busy earning all their lives just to maintain their lifestyle which is extremely costly.
Although affording Airbnb is beyond the limits of HDB owners, the website is full of condo dwellers renting out their houses to tourists for extra bucks. The locals are driving Grab and Uber which is adding a new flow of revenue to drivers as well as the overall economy of the country.
The internet savvy nature of the Singaporeans also plays a role. People are mostly more than happy to rent out or share their belongings to reduce cost or generate revenue to cover their expenses. Due to the sharing economy, Singaporeans are now able to let their pets stay in a stranger’s home when they go on vacations, their children are dropped to school by another parent or prepare a meal for visitors/strangers in exchange for a fee.