SINGAPORE (June 22): RHB Research is remaining optimistic on the consumer sector in Singapore this year, as consumer spending is expected to rise on the back of strong economic growth and an improved job outlook.
According to analyst Juliana Cai, retail sales excluding motor vehicles has edged up by 0.7% in April and by 2% year-to-date.
“Retail sales are largely a function of consumers’ ability and willingness to spend. We believe robust growth in consumer durables category shows that consumers are more confident about the future,” says Cai in a Friday report. “Over the next two quarters, we believe the sector’s outlook remains bright with positive drivers from demand and supply.”