Amex launches cashback initiative to boost local businesses
To encourage spending at about 2,000 businesses in Singapore, American Express (Amex) will launch its largest ever cashback initiative here.
Through its Shop Small movement, Amex card members can enjoy a $5 cashback when they spend at least $10 in participating businesses here next month.
Each Amex member will get the $5 cashback a maximum of three times they use the card during the month.
The initiative comes after the American Express Business Recovery Research for Singapore surveyed 300 local businesses and found more than half saying they would not be able to stay open for more than six months if sales do not recover to pre-Covid levels by the end of the year.
This is despite several of the businesses reporting higher sales in September and October compared with the same period last year.
Many businesses cited the drastic reduction in the number of tourists as a reason for their dire outlook while some said certain safe management requirements are hurting them.
Speaking at a virtual panel discussion yesterday, Mr Kean Ng, senior director of Aspial, which owns homegrown brands such as Lee Hwa Jewellery and Goldheart Jewellery, said shoppers in malls might not want to enter specific stores if they need to do a safe entry check-in for a second or third time.
It is not all gloom, though.
Pastry shop Tong Heng's general manager Ana Fong told The New Paper: "Those who usually travel abroad to make purchases are now buying locally. People are also willing to spend the money they would use for travelling on themselves and the people around them."
Calling on Singaporeans to support local businesses, American Express Singapore's country manager Ho Yat-Wai said: "Shop Small is American Express' way of showing up for our community by raising the profile of our local businesses and connecting them with our card members. I hope everyone joins us to support our local businesses."