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Why Singapore's retail sales continue to disappoint analysts
Consumers are worried about 2 things.
According to OCBC, domestically, SG retail sales are still tepid and uninspiring, in our view. Inflation and economic uncertainty remains the top two concerns for consumers, who have indicated in a series of surveys conducted that they intend to cut back on discretionary spending.
"Given this sentiment, we expect domestic spending to taper off in most categories except supermarkets, where we anticipate a continued shift in spending patterns towards dining-in," OCBC said.
OCBC said that on a positive note, tourist spending could help to cushion the drop-off, especially with the upcoming F1 event in Sep.
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