Business Sentiment Is At Its Peak Since 2019 Among Singapore’s Small Enterprises
The business sentiment among small businesses in Singapore has reached its peak since 2019. With over 60% expecting growth in 2025, businesses in the city-state are looking forward to the future.
Confidence in the country’s economic outlook is also on the rise. 63% of businesses express optimism, which indicates a positive outlook since it is a 60% increase from last year. This is mostly thanks to stability and increasing marketing opportunities.
Digital Adoption On the Rise
In addition to confidence, digital adoption continues to grow. In 2024, 63% of small businesses earned at least 10% of their revenue from online sales, a sharp increase from 36% in 2019. There’s been a spike in the use of digital payments among consumers as well. Around 76% of consumers in Singapore are now using platforms like PayPal, Apple Pay, and GrabPay.
Cybersecurity is also improving. Only 39% reported cyber-related losses in 2024, down from 54% the year before. This year, just 33% expect cyberattacks. This suggests a stronger security system and better preparedness on Singapore’s part. However, expectations for export-driven revenue growth have declined, and this dip is likely tied to global trade tensions and concerns over tariffs.
Innovation is also slowing, although analysts are linking this to the aging profile of business owners. Younger entrepreneurs tend to drive more growth, tech adoption, and innovation. As the population of older business owners grows, sustaining the current momentum in business sentiment may become more challenging over time.
