164 Balancing Passion and ProfitWe all love the sights, smells, and deliciousness of the Ramadan bazaars! But have you ever wondered why some stall owners seem stressed lately? This year, the economics behind these beloved bazaars have gotten a bit trickier. Rising Costs: The Squeeze is RealSellers are feeling the heat from several factors: Higher Stall Rentals: Renting a stall can cost a whopping S$15,000! This is a significant cost that needs to be recouped in sales revenue.GST Hike: Remember the GST increase from 7% to 8% in 2023? Well, it’s now 9%, meaning stall owners have to pay more for their ingredients, impacting their profit margins.Wages on the Rise: Hiring stall workers used to cost around $10-$12 per hour, but now it’s closer to $15 per hour. This is a positive change for workers, but it adds to the overall expenses for stall owners. Profit or Passion?With these rising costs, some stall owners might struggle to turn a profit during the bazaar. So why do they do it? Here are some reasons: Passion for Food: Many vendors simply love sharing their culinary creations with the community.Testing the Waters: For some, the bazaar is a stepping stone to opening a permanent F&B business.Supporting Family: Others use the bazaar as a way to generate extra income for their families. Let’s Support Our Local Heroes!Despite the challenges, these stall owners bring us delicious food and festive cheer. Here’s how you can show your support: Visit the Bazaars: Make a trip to your nearest bazaar and enjoy the atmosphere!Spread the Word: Tell your friends and family about your favourite stalls.Buy with Confidence: Don’t be afraid to try new things, knowing you’re supporting local businesses.A friendly reminder from Autowealth, a robo-advisor designed to help Singaporeans achieve financial wellness. Together, let’s celebrate Ramadan and support the amazing people who make the bazaars so special!