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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