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Giant Singapore to absorb 1% GST increase on 700 essential products from January to June 2024
Singapore’s Giant supermarket chain announced that it will absorb the Goods and Services Tax (GST) increase scheduled to take effect on Jan 1, 2024.
The initiative will cover 700 essential products and is set to last for the first six months of the upcoming year.
SINGAPORE: Supermarket chain Giant has announced that it will absorb the Goods and Services Tax (GST) increase scheduled to take effect on Jan 1, 2024.
The initiative will cover 700 essential products and is set to last for the initial six months of the upcoming year.
The decision to absorb the one percentage point GST increase was confirmed by the parent company, DFI Retail Group, on Tuesday (26 Dec).
The move aims to ensure the continued affordability of essential products and to allay the growing concerns many Singaporeans have about the cost of living.
From January to June 2024, the supermarket chain will extend this relief across various key categories, including fresh produce, personal care items, and household essentials.
The 700 discounted products have been carefully selected based on customer feedback and data analysis to ensure maximum value for Giant customers, DFI Retail Group said, emphasizing its commitment to helping Singaporeans mitigate the effects of inflation and the overall rising cost of living.
The company’s Singapore managing director for food, Yoep Man, said, “Our top priority is to ensure that essential products remain affordable. By absorbing the GST increase over six months, we hope that Singaporeans can continue to shop and enjoy their favourite essential products in the new year.”
In addition to absorbing the GST increase, Giant will also introduce a 4 % storewide discount every Tuesday specifically for senior citizens.
This discount initiative is aimed at further assisting the elderly community throughout 2024.
This helps to address the rising concerns about the cost of living among seniors and to ensure that their “favourite” essential products remain affordable, DFI Retail Group said.
Giant also announced that it would continue its Lower Prices That Last campaign that was launched in 2020.
Shoppers can access these savings by signing up for the Yuu Rewards Club, earning points for every dollar spent.
These accumulated points can be exchanged for rewards at over 1,000 locations, including Giant, Cold Storage supermarkets, CS Fresh supermarkets, Guardian pharmacies, and 7-Eleven convenience stores.
Other retail giants, such as FairPrice Group and Sheng Siong supermarket chains have also announced their intention to absorb the increase for specific products for a period ranging from three to six months in 2024.
Ikea, a major furniture retailer, stated on 21 Dec that it would keep both its in-store and online prices unchanged to guarantee the affordability of its home furnishing products for people in Singapore, addressing concerns about the increasing cost of living too.
The GST rate is set to rise from 8% to 9% on Jan 1, 2024, marking the second phase of a two-stage rate increase.
The initial increase took place on Jan 1, 2023, when it rose from 7% to 8%.
This article was first published on Gutzy Asia.
