If you're wondering if Singapore seems a lot quieter this past few weeks towards the end of 2023, you are not hallucinating.
It is indeed quieter.
From public transport to shopping malls to open spaces, such as parks and beaches, it appears people are not out and about as much in this final stretch of the year.
For those who drive, finding a parking spot has apparently become less tedious at malls and near hawker centres that are usually packed.
Anecdotally, this was already noted by many online, such as private hire vehicle drivers, who have the best take on this subject given that they are on the road very often.
via Profession PHV Drivers Singapore:Grab, Gojek,Tada n Ryde
Moreover, if their earnings dip and there is less surge pricing even during peak periods, it means demand is slack, and mostly because people are not around to utilise the service.
A common refrain is that people in Singapore are travelling overseas for holiday in droves this year and taking their spending elsewhere, given the lack of travel options the last few years, a private hire vehicle driver told Mothership.
Yup, heartlands quieter too
This phenomenon was noticeable enough to the extent that Shin Min Daily News hit the ground in the heartlands to find out if mom and pop shops have taken a hit.
Since the heartlands is where some 85 per cent of the resident population resides, consumer spending there serves as a reliable bellwether.
According to the report on Dec. 28, retailers at Jurong East, Clementi, and Ang Mo Kio reported a drop in takings each day.
Retailers in Jurong East, in particular, estimated the fall to be as much as 30 per cent, owing to the cessation of the JCube mall, as well as construction in the area.
People in Singapore have gone overseas
A merchant in Clementi said this year-end period has seen weak sales, estimating the fall in earnings to be between 20 to 30 per cent.
The retailer reasoned that the year-end period is when parents need to spend money on their children's new school year, resulting in a dampening of spending in other areas.
Otherwise, locals in Singapore are going over to Malaysia to stretch their dollar.
The merchant added that the selling of Lunar New Year goodies and decorations have already started, but demand is not exactly peaking, as many could have opted to go over to Malaysia to buy more with less, given the strengthening of the Singapore dollar.
Another reason cited is that Singaporeans are also likely tightening their belts a little, in anticipation of uncertain economic prospects in 2024.
Domestic demand might go up in early 2024
But things are expected to turn a corner.
One reason cited in the Shin Min piece attributed the slack in demand currently to the delaying of spending till early 2024.
A boost to the domestic sector is expected when all Singaporean households can claim their S$500 Community Development Council (CDC) vouchers from Jan. 3, 2024.
For each set of vouchers, S$250 can be used at participating heartland merchants and hawkers, while the other S$250 can be used at participating supermarkets.
The amount is an increase from the S$300 CDC vouchers disbursed in 2023.
Top photos via Profession PHV Drivers Singapore:Grab, Gojek,Tada n Ryde & Shin Min Daily News