2008-Jul-13 - Singapore retail property highlights

Consumer spending in Singapore recorded S$33.1 billion (including motor vehicles) in 2007, representing a 3.8 per cent increase year-on-year (yoy).

Excluding motor vehicles, retail sales value for the same period was estimated at S$22.5 billion, posting a decade-high growth of 9.0 per cent yoy.

Between the months of November and December 2007, shoppers spent S$5.8 billion, attributable to extravagant Christmas season spending. Entering 1Q 2008, the retail sales index (including motor vehicles) posted a 1.5 per cent yoy increase, while retail sales value rose by 7.8 per cent yoy to achieve S$3.25 billion in January.

In the first quarter of 2008, strong consumer sentiments did not wane despite the uncertainties in the financial market, evident from events that fulfilled their expected sales and visitor targets.

These events included the recent Information Technology (IT) Show 2008 held at Suntec City, which drew 735,000 visitors and S$54.5 million in sales as well as the NATAS Travel Fair that attracted more than 50,000 holiday seekers and brought in close to S$50 million worth of travel deals. more...