How retail sector will benefit from Singapore's $24.5b tourism receipts target

There'll be a 'positive knock-on effect'.

According to DBS, In the nearer term, the government is targeting to increase tourist arrivals from 14.4m in 2012 to 14.8-15.5m by the end of 2013. This is expected to be accompanied by S$23.5-24.5b worth of tourism receipts ($23b in 2012).

This will likely have a positive knock-on effect on the Singapore retail scene as previous expenditure patterns show that 27% of every tourist dollar spent in Singapore in 2011 was on shopping.

Here's more from DBS:

Singapore’s long term plan to house 6.9m residents by 2030, from the present 5.3m is likely to have a positive impact on the retail scene in Singapore as we believe a larger domestic population base would translate to an expanding demand for both discretionary and non-discretionary goods.

In addition, current retail space per capita in Singapore still lags behind other developed economies such as USA, Australia, Japan and Hong Kong.

As the economy grows and consumption improves, demand for retail space should also rise. This is positive for retail rents and asset owners.

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