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Dwindling tourist spending bugs struggling retailers
Hawkers’ woes: Dwindling tourist spending bugs struggling retailers
Retail sales still stranded on growth plateau.
The first half of 2014 brought no good news for the country’s retailers, as the retail sales index recorded a 0.7% year on year decline.
Tourism receipts on shopping also slipped by 1%, in spite of a 2% overall rise in total tourism receipts. The growth in tourism spending was concentrated in the hospitality segment, with hotel receipts up 6% year on year.
According to a report by UOB Kay Hian, “The index has remained largely unchanged from two years ago
in Apr 12, with sales plateauing likely due to online competition and the increasing propensity for Singaporeans to shop overseas.”
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