As consumers moved their purchases away from brick-and-mortar businesses, internet retail transactions increased in penetration attributed to the COVID-19 pandemic. By 2027, it is anticipated that Singapore’s burgeoning e-commerce business would reach US$14 billion According to MarketLine, the value of Singapore’s online retail market increased by 23.2% in 2020 to $2,566.7 million, where the Singaporean sector’s home and garden products segment has experienced the fastest increase, with a compound annual growth rate of 32.7% from 2016 to 2021.
In the 2021 Verified Market Research study, the growth of the floral gifting industry is projected to reach USD 76.22 billion by 2030, emphasizing the presence of this booming industry. However, as reported by Channel NewsAsia, the surge in overall inflation of 3.8% from 2021 to 2022 has resulted in massive hikes in the prices of goods and services. This has led to increased costs of imported flowers. Having the majority of their blooms imported from reputable farms internationally, the effect of inflation takes a toll on the revenue of Far East Flora.
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