Expert warns of constrained retail growth as tourism receipts normalise

Retail sales remained weak in July, with a modest 1.0% YoY rise.

Singapore’s retail growth may face constraints from normalising tourism receipts and rising overseas spending by residents amid a strong SGD, an expert warned.

UOB Associate Economist Jester Koh also warned that Singapore’s tourism competitiveness could be hindered by higher price levels compared to other ASEAN economies, alongside the impact of the strong S$NEER-based monetary policy aimed at controlling inflation.

Koh added that Chinese tourists are increasingly favouring domestic travel over overseas trips.

Singapore, however, could capitalise on major events such as sports, popular concerts and BTMICE ( Business Travel and Meetings, Incentives, Conventions and Exhibitions) to boost retail growth.

In September, Singapore will also host the Formula 1 Singapore Grand Prix 2024, which Koh said will provide some support to retail sales.

The disbursement of cash handouts under Budget 2024, including the Cost-of-Living Special Payment in September and the Assurance Package in December, could further support retail growth, said Koh.

Retail sales remained weak in July, with a modest 1.0% year-on-year rise, falling short of expectations.

The sales in July would also have contracted by 2.3% YoY if not for the significant rise in motor vehicle sales, which surged by 27.2% YoY.

Follow the link for more news on

UOB

Singapore retail sales

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia