Consumer Confidence and Consumption Trend in 2023, and SME’s Perception on the Current Economic Situation

On 30th March 2023, BIO Program Corporated with CiC and Accineur, held event under the topic “Consumer Confidence and Consumption Trend in 2023, and SME’s Perception on the Current Economic Situation” at Oakwood Premier Hotel.

The panelists for this event included Oknha Sok Piseth, CEO & Co-Founder, Ggear Group & Independent Board, CiC Plc, Mr. Mao Savin, Head of Cambodia, EMIA and Board Member &Chair of investment Committee, CiC Plc, Mr. Vong Sokhal, Chairman, Vtrust Appraisal, Independent Board, Wing Bank and Advisory Board, CiC Plc and Mr. Chea Sarin, Chairman, Champei Spa Co.,LTD and Board Member, CiC Plc.

In this event, our panelists have shared:

  • Small and medium-sized enterprises (SMEs) should not succumb to panic amidst the prevailing economic conditions. Rather, they should prioritize efforts to fortify their internal operations by developing a robust system and harnessing innovation and technology to ensure business sustainability and resilience.
  • In times of economic distress, it is crucial for businesses to explore partnerships and collaborations to strengthen their ecosystem. Additionally, trust assumes even greater significance during times of economic volatility.
  • The liquidity shortage in the economy is anticipated to constrain consumer spending, particularly on non-essential products, thereby reducing disposable incomes. Despite the challenges in accessing financial resources from banks, it may be worthwhile exploring community-based alternatives to mitigate cash flow challenges.
  • Small and medium-sized enterprises (SMEs) are increasingly embracing equity financing as a viable funding option, while debt financing is losing its appeal.
  • SMEs should keep track of the global economy to anticipate any internal or external factors that may affect their business in the future.
  • Working together with a partner in the community, such as through a MOU or partnership, can help reduce costs and minimize unfair competition.
  • it’s crucial to find a trustworthy partner to navigate difficult times and continue beyond the recovery process.
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