TL;DR

Who: AliPay, Construction Industry and Singapore Food Agency

Weekly Business Brief | 2019 Week 19

Wrapping up the week's business news and announcements.

SBO Singapore Weekly Business Brief
Published:   |   Updated:   |   Posted in

Average Chinese tourist spending in Singapore tops SEA over Labour Day holiday

the number of Chinese visitors almost doubled over the same period as compared to last year.

Alipay revealed that the average Chinese traveller spent SG$325 on its payment app during the Labour Day holiday (1-3 May) this year. This figure is the highest in the region and also a 13% increase from the same period last year.

Apart from higher average spending, the number of Chinese visitors almost doubled over the same period as compared to last year.

Alipay also found that, over the Labour Day holiday period,

  • Taxis (in-street and via taxi-hailing apps), airport merchants and resort merchants were the most popular merchants among the Chinese tourists in Singapore.
  • Grocery and fresh food supermarkets, department stores and fashion brands experienced the most growth among the Chinese tourists in Singapore.
  • Average overseas spending per user on Alipay increased by nearly 11% to RMB 1,790 (SG$361).
  • Spending was highest in Europe, the Middle East and North Asia.
  • In terms of the number of transactions, Thailand was the second-most popular destination for Chinese tourists.
  • Malaysia and Singapore ranked seventh and ninth in terms of the number of transactions.
  • Chinese seniors are an up-and-coming tourism trend – transactions made by those born in the 1940s and 50s more than doubled, with average spending per user in this age group jumping to RMB 1,622 (SG$327).
  • About 65% who used Alipay overseas during the Labour Day holiday were female.
  • Transactions made by those born in the 2000s increased eight-fold, on average to RMB 506 (SG$102) during the same period.

With more than 90% of Chinese tourists expressing that they “would use mobile payment to pay overseas if given the opportunity”, Alipay is working with government bodies, financial institutions and businesses in Southeast Asia to make the payment experience more seamless.

Challenging times ahead for Singapore’s construction industry

numerous en-bloc successes between 2017 and 2018 should translate into construction activities for the coming quarters.

According to the International Construction Costs 2019, Singapore remains the 4th most expensive city in Asia to build in, behind Hong Kong, Macau and Tokyo.

The challenges facing the industry include:

  • Growing trade conflicts.
  • The Singapore government expects the economy to cool further in 2019, with a forecast of 1.5% to 3.5% GDP growth.
  • Prices for key construction materials are expected to rise.
  • Labour costs remain high in Singapore.

The silver lining is that the numerous en-bloc successes between 2017 and 2018 should translate into construction activities for the coming quarters.

Download a copy of the full report here.

Supply of fresh produce from Malaysia not disrupted, says Singapore agency after certification deadline

There has been no disruption to the supply of fruits and vegetables from Malaysia, said the Singapore Food Agency (SFA)…

There has been no disruption to the supply of fruits and vegetables from Malaysia, said the Singapore Food Agency (SFA) on Thursday (May 2), a day after a deadline for Malaysian exporters to meet a certification requirement.

The May 1 deadline, imposed by the Malaysian Health Ministry, requires exporters to apply for the MyFood Tag certification before they can transport their produce to Singapore.

Read more on this Channel NewsAsia report.


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