Singapore consumers lost S$1.93m in prepayments last year, majority linked to renovation

Consumers lost about S$1.93 million in prepayments last year, more than four times the amount reported in 2023. Topping the list was renovation contractors, where over S$728,000 in prepayment losses were reported. The second-highest contributing sector was the bridal industry, which saw about S$284,000 in prepayment losses. The Consumers Association of Singapore said the losses were largely due to sudden business closures and companies becoming unresponsive after payment was made. Meanwhile, the number of e-commerce complaints also reached an all-time high, with over 4,600 reported last year.