Singapore: High Street looks firm in 2022 – UOB
|Senior Economist at UOB Group Alvin Liew assesses the latest Retail Sales figures in Singapore.
Key Quotes
“Singapore’s retail sales improved further with 12.1% y/y expansion in Apr (from 8.8% in Mar), against market expectations for a 10.4% y/y growth. Retail sales excluding motor vehicles rose even higher by 17.4% y/y (from 13.6% in Mar).”
“11 of the 14 main sub-indices of retail sales expanded on a y/y basis in Apr (up from 9 in Mar) with the strongest y/y growth recorded by wearing apparel & footwear (46.6% y/y) followed by food and alcohol (35.6% y/y), a testament to the easing of dine-in restrictions in the domestic market and the further relaxation of COVID-19 rules for travellers as borders reopen further.”
“We keep the view that domestic retail sales will continue to stay supported in 2022, in line with the positive economic outlook, re-opening trends and tightening labour market. On the external front, we expect that domestic retailers will likely see some support as borders continue to reopen, complementing the recovery in domestic activities but the downside to growth and upside to inflation outlook brought on by a protracted Russia-Ukraine conflict, will dampen the recovery in consumption demand while the region’s transition to the endemic state and increase in private spending could help offset some of those negative impact. Barring the re-emergence of fresh COVID-19-related risks in Singapore and around the region, we expect retail sales to expand by 6.0% in 2022.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.