Business and Money Tips

Are Cheap Online Purchases Making Us Poorer? We love a bargain.  Why pay $20 in a shop when the same-looking item costs $5 on Pinduoduo, Taobao, Temu or another overseas platform? We save $15. Good deal. But there is a bigger question: We saved $15—but what did our nation lose? When $20 is spent at a local business, that money doesn't stop at the cashier. Part becomes an employee's salary. Part pays rent, delivery companies, accountants, cleaners, suppliers and other businesses. These people spend the money again. Money moves. Money creates more economic activity. When more of our purchases go directly overseas, however, much less of that money circulates within Singapore. One purchase means almost nothing. Multiply it by millions of consumers, billions of purchases and many years, and something changes. Local retailers lose sales. Margins shrink. Shops close. Jobs disappear. Wages come under pressure. Then people have less money and naturally search for even ch...