This article was first published on Entrepreneur, written by Shivang Saxena.
The novel coronavirus pandemic has hit many industrial sectors. One of the worst affected has been the automobile sector. Now, countries are recuperating and economies are stabilizing, and people have started making plans to buy cars.
For the last ten years, Singapore’s economy subsisted a constant rise in a period of abundance that it hasn’t encountered before. For illustration, the capital per grown-up rate increased by 5.6 per cent from mid-2017 to mid-2018, which gives birth to the number of millionaires and the super-wealthy residing in the country to increase by 11.5 per cent and additional 1.2 per cent, respectively. This surge in income is moreover signified by Singapore’s residents sustaining more wealth growth in comparison to previous generations–leading to many Singaporeans believing they are now better off financially than they were five years ago and can live comfortably with more disposable income.
Yet, despite their growing spending power, what’s typically been elusive for Singaporeans (even high-income earners) is car ownership, which–along with overall car sales–has dropped due to the costs associated with driving a car in the small city-state.
To discuss the after-effects of a pandemic on the automobile sector in Singapore, Entrepreneur APAC interviewed Aaron Tan. Tan established his introductory startup when he was just 13 and has retailed two firms before turning 21. He is presently the founder and CEO of Carro, an automotive marketplace. Before Carro, Tan devoted more than four years with southeast Asia’s prominent investment fund, Singtel Innov8 Ventures.
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