, Singapore

End-year festive demand to keep uplifting retail sales: UOB

Big ticket item transactions are expected in the remaining months of 2022.

Amidst macroeconomic concerns that continue to affect consumer spending, UOB said domestic support for retailers will continue due to end-year festive demand.

These include front-load big ticket item purchases in November and December ahead of tax hike from 7% to 8% in January next year.

Domestic spending will also be pushed by major events such as “various sports, concerts and BTMICE activities (Business Travel and Meetings, Incentive Travel, Conventions and Exhibitions) attracting tourist arrivals whilst the tight domestic labour market will also contribute to domestic consumption demand.” 

But retailers have yet to see the end of the tunnel as elevated inflation continues to become a key headwind in retail sales.

UOB retained its retail sales outlook for 2022 at 10% expansion, which is more moderate than 6%.

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