Retail spending has been sluggish and dipping compared to yesteryear. Many people can't figure out why and simply trying to boost sales without knowing the actual reason would not do much.
The population has been aging and many people have been getting life-threatening illnesses such as cancer and heart disease. Just a single hospitalization could dramatically lower a family's budget for non-essential items. This is not just happening in Singapore but all over the world as well.
Let see where people's money are going -
1) Hospitalization and consultation
2) maids
3) medication
4) special foods for illnesses
Many people have also been dealing with problems of aging or loneliness. People would spend money at -
1) spas and salons for beauty treatments, more so for DIY treatments.
2) anti-aging lotions and supplements online
3) weight-loss stuff online
4) make-up stuff online
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