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- Business sentiment among small businesses in Singapore reached a five-year high in 2024, with a positive outlook expected to continue into 2025.
- Cybersecurity health improved.
- Sharp decline in businesses planning to innovate in 2025.
SINGAPORE, March 24, 2025 /PRNewswire/ -- Business sentiment among small businesses in Singapore last year surged to its highest level since 2019, and this positive trend is expected to continue into 2025, according to the latest survey by global professional accounting body CPA Australia.
The annual Asia-Pacific Small Business Survey found that 62 per cent of small businesses in Singapore expect growth this year, marking the highest level of confidence recorded since 2018. Additionally, 63 per cent of respondents expressed confidence in the country's economic growth, up from 60 per cent in 2024. These figures underscore the strengthening business environment in Singapore.
CPA Australia Singapore Divisional President, and Digital Business and Risk Services Leader at PwC Singapore, Greg Unsworth, said: "The strong confidence among small businesses in Singapore reflects a growing sense of optimism, not only in business prospects but in the overall economic environment. The key to continued success is for businesses to stay agile and forward-thinking and seize new opportunities."
The survey highlighted continued strong uptake of technology, with a notable increase in online and digital payment adoption. In 2024, 63 per cent of Singapore's small businesses reported generating more than 10 per cent of their revenue from online sales, up from 36 per cent in 2019. Furthermore, 76 per cent of small businesses generated more than 10 per cent of their sales from digital and online payment technologies such as PayPal, Apple Pay and GrabPay. This result is well above the 51 per cent reported in 2019.
On the cybersecurity front, Singapore's small businesses saw fewer cybersecurity incidents. The percentage of businesses reporting losses or disruptions due to cyberattacks dropped sharply from 54 per cent in 2023 to 39 per cent in 2024. Small businesses expect this downward trend will continue, with only 33 per cent of businesses anticipating a cyberattack this year, down from 45 per cent last year. "This improvement suggests that small businesses are enhancing their cybersecurity measures and are becoming more resilient and better equipped to safeguard their operations from cyber threats." Unsworth added.
The survey also found a continued positive trend towards the adoption of Environmental, Social, and Governance (ESG) initiatives. While 29 per cent of businesses did not allocate time or resources for ESG-related activities in 2024, many are still focusing on key ESG areas such as staff health and safety policies, supply chain sustainability, and diversity and inclusion efforts. These initiatives reflect the ongoing commitment of Singapore's small businesses to sustainable and responsible practices.
CPA Australia Singapore Divisional Deputy President, and Managing Partner at Baker Tilly, Joshua Ong, said it is encouraging to see small businesses in Singapore are increasingly recognising the importance of ESG.
"Embracing these practices serves as a strategic approach to future-proofing the business. By adopting responsible environmental practices, strengthening governance and fostering social impact, small businesses can gain a competitive edge over their peers and strengthen their brand reputation with customers and investors," Ong said.
Despite the optimistic outlook, the survey findings observed a declining trend in innovation. Only 23 per cent of small businesses plan to introduce a new product, process or service that is unique to Singapore or the world this year, a sharp decrease from 37 per cent in 2024. While this figure remains slightly above historical averages, it signals a potential slowdown in business innovation.
The demographics in the survey indicate that the age profile of Singapore's small business owners is ageing. While this trend is less pronounced than in Australia and New Zealand, the survey indicates a strong correlation between business owners under 40 and higher levels of business growth, digital adoption, innovation and job creation. As the proportion of older business owners rises, it could pose long-term challenges for the dynamism and sustainability of some small businesses.
Small businesses in Singapore have also lowered their expectations for strong revenue growth from exports. The percentage of businesses anticipating strong revenue growth from exports has dropped from 27 per cent in 2024 to 18 per cent in 2025. "Geopolitical tensions and the possibility of trade tariffs are most likely the cause of concerns about export growth," Ong said.
Despite the challenges, the overall outlook for small businesses in Singapore remains positive. Growing business sentiment, technology adoption, and cybersecurity resilience are expected to maintain their momentum into the year ahead.
CPA Australia's Asia-Pacific Small Business Survey, including a detailed summary of the results for Singapore and an infographic
About the survey
CPA Australia's 16th annual Asia-Pacific Small Business Survey was conducted among small business owners/senior managers during November and December 2024 to identify the characteristics of successful small businesses across the region. The findings for the survey come from 4,236 small businesses in 11 markets. From the commencement of the survey in 2009, we have surveyed over 46,000 small businesses across the region. These include Australia, Mainland China, Hong Kong, India, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Vietnam.
About CPA Australia
CPA Australia is one of the largest professional accounting bodies in the world, with more than 173,000 members in over 100 countries and regions, including more than 8,600 members in Singapore. CPA Australia has been operating in Singapore since 1954 and opened our Singapore office in 1989. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au
- Business sentiment among small businesses in Singapore reached a five-year high in 2024, with a positive outlook expected to continue into 2025.
- Cybersecurity health improved.
- Sharp decline in businesses planning to innovate in 2025.
SINGAPORE, March 24, 2025 /PRNewswire/ -- Business sentiment among small businesses in Singapore last year surged to its highest level since 2019, and this positive trend is expected to continue into 2025, according to the latest survey by global professional accounting body CPA Australia.
The annual Asia-Pacific Small Business Survey found that 62 per cent of small businesses in Singapore expect growth this year, marking the highest level of confidence recorded since 2018. Additionally, 63 per cent of respondents expressed confidence in the country's economic growth, up from 60 per cent in 2024. These figures underscore the strengthening business environment in Singapore.
CPA Australia Singapore Divisional President, and Digital Business and Risk Services Leader at PwC Singapore, Greg Unsworth, said: "The strong confidence among small businesses in Singapore reflects a growing sense of optimism, not only in business prospects but in the overall economic environment. The key to continued success is for businesses to stay agile and forward-thinking and seize new opportunities."
The survey highlighted continued strong uptake of technology, with a notable increase in online and digital payment adoption. In 2024, 63 per cent of Singapore's small businesses reported generating more than 10 per cent of their revenue from online sales, up from 36 per cent in 2019. Furthermore, 76 per cent of small businesses generated more than 10 per cent of their sales from digital and online payment technologies such as PayPal, Apple Pay and GrabPay. This result is well above the 51 per cent reported in 2019.
On the cybersecurity front, Singapore's small businesses saw fewer cybersecurity incidents. The percentage of businesses reporting losses or disruptions due to cyberattacks dropped sharply from 54 per cent in 2023 to 39 per cent in 2024. Small businesses expect this downward trend will continue, with only 33 per cent of businesses anticipating a cyberattack this year, down from 45 per cent last year. "This improvement suggests that small businesses are enhancing their cybersecurity measures and are becoming more resilient and better equipped to safeguard their operations from cyber threats." Unsworth added.
The survey also found a continued positive trend towards the adoption of Environmental, Social, and Governance (ESG) initiatives. While 29 per cent of businesses did not allocate time or resources for ESG-related activities in 2024, many are still focusing on key ESG areas such as staff health and safety policies, supply chain sustainability, and diversity and inclusion efforts. These initiatives reflect the ongoing commitment of Singapore's small businesses to sustainable and responsible practices.
CPA Australia Singapore Divisional Deputy President, and Managing Partner at Baker Tilly, Joshua Ong, said it is encouraging to see small businesses in Singapore are increasingly recognising the importance of ESG.
"Embracing these practices serves as a strategic approach to future-proofing the business. By adopting responsible environmental practices, strengthening governance and fostering social impact, small businesses can gain a competitive edge over their peers and strengthen their brand reputation with customers and investors," Ong said.
Despite the optimistic outlook, the survey findings observed a declining trend in innovation. Only 23 per cent of small businesses plan to introduce a new product, process or service that is unique to Singapore or the world this year, a sharp decrease from 37 per cent in 2024. While this figure remains slightly above historical averages, it signals a potential slowdown in business innovation.
The demographics in the survey indicate that the age profile of Singapore's small business owners is ageing. While this trend is less pronounced than in Australia and New Zealand, the survey indicates a strong correlation between business owners under 40 and higher levels of business growth, digital adoption, innovation and job creation. As the proportion of older business owners rises, it could pose long-term challenges for the dynamism and sustainability of some small businesses.
Small businesses in Singapore have also lowered their expectations for strong revenue growth from exports. The percentage of businesses anticipating strong revenue growth from exports has dropped from 27 per cent in 2024 to 18 per cent in 2025. "Geopolitical tensions and the possibility of trade tariffs are most likely the cause of concerns about export growth," Ong said.
Despite the challenges, the overall outlook for small businesses in Singapore remains positive. Growing business sentiment, technology adoption, and cybersecurity resilience are expected to maintain their momentum into the year ahead.
CPA Australia's Asia-Pacific Small Business Survey, including a detailed summary of the results for Singapore and an infographic
About the survey
CPA Australia's 16th annual Asia-Pacific Small Business Survey was conducted among small business owners/senior managers during November and December 2024 to identify the characteristics of successful small businesses across the region. The findings for the survey come from 4,236 small businesses in 11 markets. From the commencement of the survey in 2009, we have surveyed over 46,000 small businesses across the region. These include Australia, Mainland China, Hong Kong, India, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Vietnam.
About CPA Australia
CPA Australia is one of the largest professional accounting bodies in the world, with more than 173,000 members in over 100 countries and regions, including more than 8,600 members in Singapore. CPA Australia has been operating in Singapore since 1954 and opened our Singapore office in 1989. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Confidence among small businesses in Singapore rises
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HO CHI MINH CITY, Vietnam, Jan. 12, 2026 /PRNewswire/ -- Digital travel platform Agoda reveals that Vietnam is becoming an increasingly popular year-end travel choice for families in the region and beyond. Based on searches made between September and November 2025 for stays during December 2025 and January 2026, Agoda recorded a 30% increase in family travel interest to Vietnam compared with the same period the previous year.
Agoda data shows that Vietnam is attracting more international families than ever this winter holiday season. South Koreans take the lead as the top market interested in traveling to Vietnam in December and January, with families from India, Singapore, Australia, and Malaysia rounding out the top five. Notably, Agoda reported that Indian families showcased the highest growth in travel interest to Vietnam during this period, with a 186% increase in searches. Malaysians also, are expressing strong growth in interest, with a 74% increase in searches, highlighting Vietnam's appeal as a family destination in Southeast Asia and beyond.
Families are choosing Vietnam for its storied culture and cuisine, diverse landscapes, and abundance of family-friendly resorts and attractions.
Phu Quoc Island leads as the most sought-after destination among international family travelers with a 47% increase in searches, popular for its sandy beaches, calm waters, and nature parks ideal for multi-generation vacations. Da Nang follows with 42% growth in travel interest, noted for its beaches, soft adventure activities, and access to Ba Na Hills theme park. Nha Trang comes in third place, remaining a favorite for its long coastline, family-oriented resorts, and island experiences. In fourth place, Ho Chi Minh City appeals with its vibrant food scene, entertainment complexes, and day trips to the Mekong Delta. In the north, Hanoi continues to draw families with its cultural landmarks, museums, and festive atmosphere, rounding out the top five most family-friendly year-end destinations in Vietnam.
Meanwhile, although Vietnamese families traditionally travel less internationally at the end of the year – typically preferring to wait for the Lunar New Year - China is becoming a noticeable exception. Among the top 20 outbound destinations preferred by Vietnamese families during the December-January period, searches for Shanghai increased 58%, while Beijing increased 59%. This shift is supported by the launch of new direct routes between Hanoi and selected Chinese cities earlier this year, making end-of-year overseas trips more accessible than ever.
Vu Ngoc Lam, Country Director at Agoda, said: "It is wonderful to see Vietnam increasingly chosen as an end-of-year holiday destination for families from across Asia and beyond. Agoda's data shows that travelers are recognizing Vietnam's family-friendly appeal, which further strengthen its position on the global travel map. As more families plan their festive-season or year-end getaways, we are delighted to support them through Agoda's simple, intuitive platform and our wide range of stays, flights, and activities."
With over 6 million properties, 130,000 flight routes, and 300,000 activities, all bookable in one seamless itinerary, Agoda helps families plan memorable year-end holidays, whether they choose a peaceful beach break, a cultural city escape, or an international exploration to mark the close of the year.
HO CHI MINH CITY, Vietnam, Jan. 12, 2026 /PRNewswire/ -- Digital travel platform Agoda reveals that Vietnam is becoming an increasingly popular year-end travel choice for families in the region and beyond. Based on searches made between September and November 2025 for stays during December 2025 and January 2026, Agoda recorded a 30% increase in family travel interest to Vietnam compared with the same period the previous year.
Agoda data shows that Vietnam is attracting more international families than ever this winter holiday season. South Koreans take the lead as the top market interested in traveling to Vietnam in December and January, with families from India, Singapore, Australia, and Malaysia rounding out the top five. Notably, Agoda reported that Indian families showcased the highest growth in travel interest to Vietnam during this period, with a 186% increase in searches. Malaysians also, are expressing strong growth in interest, with a 74% increase in searches, highlighting Vietnam's appeal as a family destination in Southeast Asia and beyond.
Families are choosing Vietnam for its storied culture and cuisine, diverse landscapes, and abundance of family-friendly resorts and attractions.
Phu Quoc Island leads as the most sought-after destination among international family travelers with a 47% increase in searches, popular for its sandy beaches, calm waters, and nature parks ideal for multi-generation vacations. Da Nang follows with 42% growth in travel interest, noted for its beaches, soft adventure activities, and access to Ba Na Hills theme park. Nha Trang comes in third place, remaining a favorite for its long coastline, family-oriented resorts, and island experiences. In fourth place, Ho Chi Minh City appeals with its vibrant food scene, entertainment complexes, and day trips to the Mekong Delta. In the north, Hanoi continues to draw families with its cultural landmarks, museums, and festive atmosphere, rounding out the top five most family-friendly year-end destinations in Vietnam.
Meanwhile, although Vietnamese families traditionally travel less internationally at the end of the year – typically preferring to wait for the Lunar New Year - China is becoming a noticeable exception. Among the top 20 outbound destinations preferred by Vietnamese families during the December-January period, searches for Shanghai increased 58%, while Beijing increased 59%. This shift is supported by the launch of new direct routes between Hanoi and selected Chinese cities earlier this year, making end-of-year overseas trips more accessible than ever.
Vu Ngoc Lam, Country Director at Agoda, said: "It is wonderful to see Vietnam increasingly chosen as an end-of-year holiday destination for families from across Asia and beyond. Agoda's data shows that travelers are recognizing Vietnam's family-friendly appeal, which further strengthen its position on the global travel map. As more families plan their festive-season or year-end getaways, we are delighted to support them through Agoda's simple, intuitive platform and our wide range of stays, flights, and activities."
With over 6 million properties, 130,000 flight routes, and 300,000 activities, all bookable in one seamless itinerary, Agoda helps families plan memorable year-end holidays, whether they choose a peaceful beach break, a cultural city escape, or an international exploration to mark the close of the year.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Agoda Data Shows Vietnam Rising as a Favorite End-of-Year Destination for Families Across Asia and Beyond
