For many people, the traditional year-end rituals include glamorous new fits, exquisite champagne, intimate evening gatherings, and more. This year, expect an unconventional twist; Singapore is in for a Goods and Services Tax (GST) increase! For the smart shopper or the newbie devising your savvy shopping strategy this year-end, you'd know the best time to shop is right now before 2023 rolls in. But for those looking to have the best of both worlds: This holiday season is full of opportunities for two to bask in romance and welcome new exciting resolutions, all while indulging in a luxurious jewellery treat.
As you and your sweetheart embrace the end of the year, you start to look back on and reflect on all the fulfilling events that have come along with it. And what better idea than to hand her a year-end reward and gift jewellery to express your endless love – one that conveys your beautiful 2022 love story? But what if we tell you that you can do so without breaking the bank?
GST increase at a glance
Judging by the chatter that's been going on for quite a while now, a GST spike is imminent. More specifically, we're talking about the GST hike that was initially planned for 2021. This was eventually delayed until 2023, though, due to the pandemic that was rampant at the time.
And while not many were aware of the postponement, you have probably heard about the GST increasing to 8% anyway – coming into effect as we welcome the first day of 2023. Unfortunately, it does not end there; come 2024, you can anticipate an additional 1% hike in the GST, pushing it to a staggering 9%.
As we've all undoubtedly realised by this point, a 1% increase in the GST essentially translates into a 1% increase in the price of items. However, the majority of individuals might not completely understand how the rise will affect consumers, given that the most recent GST hike to the current 7% was all the way back in 2007.
So, what does all of this mean for jewellery lovers?
The best time to purchase jewellery is now!
If you have been marvelling at Love & Co.'s newest additions and are on the fence about getting your beloved (or for yourself) a diamond bracelet and other stunning jewellery pieces, now is definitely the best time to take action before 2022 officially comes to an end and the GST spike makes them all the more pricier!
Although 1% might not seem like much to many, the little things do add up. That 1% can definitely sting, even more so if your purchases are on the higher end. For instance, wedding ring prices in Singapore are not the cheapest, especially if you are seeking quality couple wedding rings that last a lifetime. So, let's not wait any longer, especially when you can save a little more now.
Watch out for exclusive deals at Love & Co.
Good news: At Love & Co., exciting deals await in stores and on our website! As of right now, say hello to exclusive deals on our sparkly diamond rings and other jewellery styles from our gifting range. Should 2023 be the lucky year for your big day, and you're interested in our wedding jewellery collection or gifting items for your significant other, this is the ideal time to look out for promotions and irresistible deals happening at our stores this year-end!
A 1% increase might not seem like a significant raise in the grand scheme of things. However, it still wouldn't hurt to be savvier when jewellery shopping for loved ones with less than a month to go before the GST hike and new rules take effect once the year-end flies by.
This year-end, if you'd like to convey your sincere feelings for your significant other through something tangible, schedule an in-store consultation with Love & Co. and let us guide you through our exciting promotions!