Singapore: Retail Sales surprised to the downside in January – UOB – by pabspiovano Singapore RetailSales Banks
“Singapore’s retail sales started the new year on a cautious note, contracting by -9.4% m/m, -0.8% y/y in Jan following Dec’s high of 7.7% y/y .”– We continue to expect domestic retailers to enjoy domestic and external supports, complemented by the return of major events such as various sports, concerts and BTMICE activities attracting tourist arrivals, while the tight domestic labour market will likely contribute further to domestic consumption demand.
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