Uneven impact of CDC vouchers spurs heartland merchants to innovate
This has prompted some heartland enterprises to step up efforts to stay competitive and keep customers returning.
FMAS president Yeo Hiang Meng said the vouchers have been helpful in driving footfall 'to our stalls and shops, encouraging residents to support local businesses'.
However, he noted: 'Those operating in high-traffic or densely populated areas generally experience higher voucher redemptions, while businesses in quieter or less accessible locations may see a more modest impact.'
He added that merchants that are more digitally proficient — such as those that actively promote their participation through social media or display clear CDC voucher signage — tend to attract more customers.
Mr Yeo said: 'In contrast, some older hawkers and shopkeepers may face challenges with digital engagement or may not be as familiar with outreach strategies, which can limit their visibility and reach.'
Singaporean households can claim and use S$500 (US$380) in CDC vouchers from May 13. This latest tranche of vouchers will be valid till Dec 31 this year.
The CDC vouchers are meant to help households manage cost-of-living challenges.
NOT ALL BENEFITTING
More than 23,000 merchants across Singapore accept CDC vouchers, spanning hawkers, supermarkets, music shops, and pet stores.
In areas like Chinatown, the scheme has had a significant impact. Some retailers there told CNA that these vouchers account for up to half of their daily sales.
But not all businesses have been benefitting from them.
Observers said older hawkers and shopkeepers are struggling - some are not even on board.
Mr Cornelius Tan, chairman of the Chinatown Complex Hawker Association, said there are about 50 to 70 shops in Singapore's biggest hawker centre and market that have yet to join the scheme to accept CDC vouchers.
'Those are more in retirement mode,' he added.
'So they don't like changes and they are just comfortable with their lives, and they like physical cash over digital money.'
To support broader participation, FMAS is encouraging merchants to collaborate on joint promotions or improve their store displays.
TRYING TO PROFIT
As consumer behaviour evolves, some Singaporeans are also finding ways to profit off the vouchers through strategic purchases - such as trading cards.
Memorabilia collector Junius Chia, co-founder of consignment service SCC Consignments, said: 'First of all, it won't break your bank, and also, it is accessible.
'There are a lot of shops in Singapore that sell these products, and there are also hobby groups as well as online that give you the opportunity to buy, sell and trade on the platform.'
Mr Chia added that for some, it is an investment.
'We have collectors that are in it just to buy and keep it in hopes that in future, the card prices will rise and then they can make a profit out of it,' he said.
While the CDC scheme prohibits exchanging vouchers for cash or using them on controlled items like lottery products, CNA understands that reselling these cards does not break the rules.
Analysts told CNA that using CDC vouchers on non-essentials does not necessarily mean an abuse of the system, but signals broader shifts in what consumers now deem essential.
'The CDC vouchers were initially introduced to help Singaporeans manage the cost of living,' said Dr Samer Elhajjar, senior marketing lecturer at the National University of Singapore Business School.
'However, the use of these vouchers indicate how people's essentials are changing. We need to recognise that the definition of essentials is becoming more psychological (and) more personal, especially in high-stress societies, in high-cost environments like post-pandemic Singapore.'
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