Retail sales value was only around $3.5bn in September.
Singapore consumers are indeed tightening their purses with the current trend in the retail sector.
Although retail sales growth registered a reasonable 2.6% YoY growth for the first three quarters of 2016, the broader 6-month average trend is on the decline, not surprisingly with weaker visitor arrivals and a general cautiousness in the domestic market.
According to Maybank KimEng, various consumer confidence monitors for the Singapore market point to a material drop in consumer sentiment through 1H16.
One of such reports is the Mastercard IndexTM of Consumer Confidence, which reflected an outlook of ‘Pessimistic’ with a ‘Significant Deterioration’ of a 10.7- point drop over the previous half of the year.
"The study indicated that Singapore ranked second-lowest on the Index in the Asia-Pacific region in terms of overall consumer confidence," the firm noted.
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