Chart of the Day: Visitor arrivals drive retail sales
Retail spending is expected to remain healthy with visitor arrivals surging 13.4% early in 2012.
Colliers International said:
To a large extent, January’s retail sales were buoyed by the considerable 13.4% YoY surge in visitor arrivals to some 1.2 million. With the Singapore Tourism Board (STB) projecting that the tourism industry will continue to strengthen from 2011’s blistering pace to achieve 13.5 to 14.5 million visitor arrivals and $23-$24 billion in tourism receipts in 2012, reflecting a 2% to 10% rise in visitor arrivals and 3.5% to 8% increase in tourism receipts compared to 2011, retail spending in the city-state looks set to stay healthy.