Retail / news
Singapore Tourist Arrivals Surge 29% While Retail Sales Stay Flat
Tourist arrivals to Singapore averaged about 29% above second-quarter levels in July and August, but average monthly retail sales ran only 2.9% higher as shoppers on both sides of the market held back, CGS International said.
Nominal retail sales in Singapore fell 1.0% month on month on a seasonally adjusted basis in August, reversing a 0.6% increase booked in July, CGS International reported.
Over the two months combined, average monthly retail sales stood just 2.9% above second-quarter levels. That compares with tourist arrivals averaging roughly 29% higher across the same period, lifted by summer school holidays in China and Europe.
The gap between visitor numbers and till receipts points to cautious spending among tourists and locals alike, the firm said.
Tourism-sensitive categories softened in August. Department store sales dropped 1.5% month on month on a seasonally adjusted basis after climbing 4.6% in July, while watches and jewellery slid 7.8% following a 2.6% gain the previous month.
Sales were also weaker in volume terms, contracting 1.2% month on month on a seasonally adjusted basis in August after a 0.1% rise in July.