, Singapore

Modest growth in retail sales to continue in Q1: RHB

Retail sales in November 2021 jumped 1.9% year-on-year.

Retail sales in Singapore will continue to see modest growth in December as well as in the first quarter of 2022 on the back of increased mobility, according to a report by RHB.

RHB said retail sales in Singapore have been on an uptrend since July based on the three-month moving average.

“Retail sales are anticipated to rise in the year ahead as domestic demand continues to recover amid the pick-up in overall business activities. This is also aided by the expected improvement in the labour market in 2022 as the unemployment rate steadily falls, with the latest monthly print of 2.6% for October,” RHB said.

It said that fluctuations in sequential readings may occur due to year-end demand increase, particularly on spending in the discretionary industries.

The Department of Statistics Singapore reported that retail sales for November 2021 inched up 1.9% year-on-year (YoY), reaching a value of $3.7b, whilst food and beverage sales climber 0.6% YoY in November 2021 reaching $706m.

Travel restrictions in Singapore are also expected to occur gradually in 2022 which will increase visitor arrivals and support spending on retail sales especially in the second half of the year, RHB said.

However, it said that the new strains of the coronavirus may slightly delay the re-opening of borders and easing of restrictions.

Follow the link for more news on

Join Singapore Business Review community
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!