Chart of the Day: Retail sales index showing consumer resilience?

Amidst global economic woes, 2012 is still looking to be a positive year for retail sales.

Colliers International said:

Singapore’s retail sales index (excluding motor vehicles) posted a better-than-expected 0.6% year-on-year (YoY) growth in January 2012.

Sales were widely forecast to record a dip in the first month of 2012 compared to a year ago given that consumers would have taken a breather from spending as they celebrated the 15-day Lunar New Year taking place during the month.

This rise on the back of an already high expansion of 14.3% YoY recorded for last January raises optimism about consumer resilience and gives hope for a positive year for retail sales in 2012 despite the prevailing global economic uncertainties and slowing domestic economy.