Singapore, Sept. 18 -- With more people shopping online owing to Covid-19, local retail brands could face a gloomier future, according to a recent study.
For every $100 spent on local brands, only $2 was transacted online, compared with the Singapore retail average of $25 per $100.
This is based on findings released yesterday by the Singapore Tourism Board (STB) and payments technology company Visa.
A local brand is defined in the study as a brand started and owned by Singaporeans, and includes fashion apparel, shoes, department stores, food and confectionery.
The Singapore retail average takes into account local brands and foreign brands here.
The study examined transactional data from Visa's VisaNet electronic payment network fr...