Offline Retail Services

Report: Singapore’s Tourism Rises While Retail Spend Declines. What’s Causing It?

Singapore’s tourism industry has been a key support to their retail sector. In 2016, international visitor arrivals and tourism receipts scaled to a new high of 16.4 million and S$24.6 million respectively, proving Singapore’s importance as one of Asia’s leading retail destinations. However, in 2017, a decrease in retail spend was seen despite the growth of Singapore’s tourism industry. Though recently retail sales data has shown constructive signs of recovery. However, weak retail sentiments continue to persist. Despite retail sales increasing by 1.8% in July, other lackluster indicators were seen in the first half of 2017. The Retail Sales Index (RSI), which has been trending downwards since 2014, reported a fall of 4.2 percent in Q2 2017 compared to end 2016. Island-wi...