SINGAPORE — Daiso Singapore, the popular Japanese chain known for its $2 household products, has updated its prices, after it announced earlier this month that it will no longer exclude the Goods and Services Tax (GST) on all purchases from 1 May.
The prices of its products across 15 tiers will range from $2.14 to $25.47 from 1 May, with 10 price tiers above $10, according to a Daiso post on its Facebook page on Monday (25 April).
Daiso lists the products prices in Singapore dollar alongside the corresponding Japanese yen price tags.
There is a significant difference between the yen’s market conversion rates and Daiso's product prices in Singapore dollar. For instance, the $2.14 products will be classified under the “no yen” or 150 yen price tag, while the $25.47 products will be classified under the 1,500 yen price tag. A check on the yen’s market conversion rates as of 4.40pm Tuesday shows that 150 yen is about $1.61 while 1,500 yen is about $16.11.
Yahoo Lifestyle Singapore has contacted Daiso Singapore regarding its listing of the yen price tags for its products here.
Prior to its earlier announcement, Daiso had placed notices across its outlets to inform customers of the price change. One notice thanking customers for their support reads, “We always strive to keep prices as affordable as possible. To continue improving the quality of our products, there will be a price change. All prices will be exclusive of GST from 1 May 2022.”
Singapore’s GST will be raised from next year, and will be staggered out in two steps: from the current 7 per cent to 8 per cent on 1 January 2023, and from 8 per cent to 9 per cent on 1 January 2024.
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