Singapore SMEs tighten purse strings on Lunar New Year

Only 9% showed intention to spend more.

According to a recent UOB survey, in line with Singapore’s economic outlook, prudence seems to be the theme for local SMEs as only nine percent surveyed said they would be spending more on Chinese New Year celebrations this year. 

This is almost three times less than SMEs in the region where 26 percent said they would be spending more in 2013 over Lunar New Year to deepen customers’ relationships.

The most bullish sector among Singapore SMEs is the manufacturing sector where 25 percent responded to say that they would be spending more than they did in 2012.

Just as UOB’s SME customers are celebrating with their customers, UOB ushered in the Lunar New Year with its SME customers over a two day celebration held at Pan Pacific Hotel on February 14 and 15.