, Singapore

Retailers' festive cheer fizzles out as sales vanish

Consumer sentiment remains uncertain.

The holiday season won’t give retailers their much-needed sales boost, as consumer sentiment remains dampened by a lack of confidence on Singapore’s medium-term growth prospects.

According to ANZ Roy Morgan, under half of respondents believe that Singapore will have good times economically over the next five years, a time-frame under which the dividends of supply side restructuring are expected to become apparent.

“With the Christmas lights on Orchard Road already lit, consumer sentiment does not appear to be glowing brightly as we head into the Christmas season. Retail sales and consumer activity could well prove to be a dampener on the season, given overarching concerns that supply-side restructuring is obviously engendering,” said Glenn Maguire, ANZ Roy Morgan Chief Economist South Asia.

“Though Singaporean consumer confidence rose slightly in November – basically pegging its year-to-date average – the granularity of the data suggests that consumers lack visibility on the medium-term prospects for the Singaporean economy, a dynamic we do not expect to change anytime soon. This lack of visibility will hamper any significant rebound in domestic demand, certainly a consumer-led one, and suggests a continued sub-par performance for the Singaporean economy going forward,” he added.

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!