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Lower retail sales may weigh on tourist receipt figures: report
Retail sales dipped 1.3% to $3.6b in August.
The tourist receipts in the first nine months of 2019 may stay benign with retail sales dipping 1.3% to $3.6b in August, UOB Global Economics and Markets Research reported.
Tourist receipts posted a contraction of 4.8% to $6.5b in Q1 2019, around the same period when international arrivals grew 1.0%, implying that uptick in arrivals may not necessarily translate into higher tourism spending.
International arrivals rose 3.1% YoY in August 2019 at 1.74 million persons, though slower than July’s 4.0% YoY growth to a monthly record high of 1.8 million persons.
UOB expects retail sales to fall 2.0% for the whole 2019.
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