Shoppers are back as economy improves

SINGAPOREANS are returning to their favourite pastime – shopping. 

They spent an estimated S$2.12bil (RM4.7bil) in February, according to statistics from the Retail Sales Index, a 34.2% increase from the S$1.58bil (RM3.5bil) recorded in February last year.  


The data, culled from monthly surveys of 14 sectors, showed the biggest jumps in the amounts spent on cars – which saw an increase of 124.6 percentage points – and watches and jewellery, which rose 32.2 percentage points. 

Association of Small and Medium Enterprises president Lawrence Leow, 46, put the increase in spending down to improving sentiment among consumers about the state of the economy. 


But Singapore Retailers Association executive director Lau Chuen Wei, 48, said the surge was more likely a result of the post-Chinese New Year sales. 

“People are still cautious about how they spend their money.” 


Both said the Monetary Authority of Singapore’s plan to allow the value of the Singapore dollar to rise should help boost spending further. – The Straits Times/Asia News Network  

For another perspective from The Straits Times, a partner of Asia News Network, click here.

Latest from AP-Wire

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Next In Regional

Thwarted – e-hailing driver's bid to smuggle illegal who misses her husband past a roadblock
Malayan Cement buys YTL's cement biz for RM5.16b
Fuel prices unchanged from May 13 to 19
US DOJ remits RM1.9bil in seized monies to Malaysia
Meet China’s elderly influencers cashing in on the Internet
TikTok begins testing in-app shopping to challenge Facebook
Nutrition expert wins award for nourishing millions worldwide with fish
A 1,100-year-old poem cost Meituan’s outspoken CEO US$2.5bil
Indian PM Modi to skip G7 meet in Britain due to COVID-19 crisis
Thai court grants bail to two protest leaders in jail for royal insults

Stories You'll Enjoy