Chart of the Day: Tourists could account for a fifth of retail sales by end-2019

Tourist expenditure on shopping grew at a 10-year CAGR of 3.4%.

This chart from UOB Kay Hian shows spending by tourists over the past 18 years and projects that the sector will account for 21.5% of total retail sales by end-2019.

Also read: Visitor arrivals growth slows to 2% in January-February

The headline figure is higher than 16.7% seen in 2000, but is lower than its peak of 23.6% in 2016.

Furthermore, tourist expenditure on shopping and F&B grew at a 10-year compound annual growth rate (CAGR) of 3.4% and 3.1% respectively, which was faster than the 1.4% for retail sales excluding motor vehicles.

Also read: Retail sales slipped 10% in February 2019 to $3.3b

The report noted that tourists are becoming a bigger driver of retail sales relative to domestic consumption.

This will be further driven by the expanding number of tourist visits as well. UOB Kay Hian stated that visitor arrivals has consistently surpassed population growth, with the former growing at a CAGR of 6.2% over the past ten years compared to the latter’s 1.5% growth.

Also Read

Singaporeans want sustainable travel, but only 4 in 10 will pay more

Up to the stars: 6 in 10 plan trips based on astrology

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit