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Singapore's January retail sales up 11.8% y-o-y, beating market estimates

Felicia Tan
Felicia Tan3/4/2022 06:22 PM GMT+08  • 4 min read
Singapore's January retail sales up 11.8% y-o-y, beating market estimates
UOB economist Barnabas Gan says retail sales will likely continue to remain supported in 2022, with sales expanding by 6% in 2022
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For the month of January 2022, Singapore’s total retail sales value grew by 11.8% y-o-y to $4.2 billion, beating the market estimate of a 7.2% y-o-y growth.

The improvement in January’s retail sales performance was attributable to the increased spending before the Chinese New Year period, which took place in early February. In 2021, pre-Chinese New Year spending took place mostly in February due to the festive season being in mid-February at the time.

The pent-up demand in line with Singapore’s tighter labour market, as well as the low-base seen in January 2021 are also likely contributors to the demand in retail sales, says UOB economist Barnabas Gan.

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