, Singapore

Retail sales to expand by 6.0% in 2022: forecast

Domestic retail environment to be supported by further border reopening.

UOB expects retail sales to expand by 6% for the entire year following its surprising 8.7% YoY growth in March.

In a report, UOB said the March figures suggest that the "domestic retail environment has improved in tandem with a tighter labour market."

The analyst said retail sales will likely continue to stay supported for the rest of the year, particularly by the further border reopening and economic recovery, but warned that "geopolitics may add uncertainty and contribute to further commodity price pressures."

"We remain of the view that potential front-loading of consumer purchases this year could also help retail sales as consumers adjust for the higher GST rate in 2023," UOB said.

"In addition, higher inflation rates especially led by crude oil and food (which may be made worse by geopolitical developments) may continue to lift retail prices, especially in 1H22, underlining some nominal price effects for the subsequent readings, the analyst added.

Read more: Retail sales jump 8.7% YoY in March

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!