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The Silicon Review Asia

Retail sales in Singapore is yet to recover even after the Lunar New Year

Retail sales in Singapore is yet to recover even after the Lunar New Year

Retailers in Singapore witnessed a sharp decline in sales over January and February, as we must understand that Lunar New Year did not do much to revive the segment that was severely hit due to the COVID pandemic. The sales volume was down by more than 1.1 percent, and this figure excludes motor vehicle sales during the same period. It is commonly understood that the Lunar New Year date keeps changing, so the figures are often derived from markets like Hong Kong and Singapore for the first two months so that it provides us a better view of the customer’s spending patterns.

In Singapore, the sales percentage decline by 8.4 percent, but it made a recovery by increasing substantially by 7.7 percent in February. In Hong Kong, the retailers had witnessed a decline in sales for more than two years and only in the first two months of 2021 retail sales grew by 2.7 percent. 11.7 percent was the recorded online sales for Singapore in February. Some of the categories that performed well during the period were jewelry and watches (34.1 percent) and footwear and apparel (31.6 percent). The demand for cosmetics continued to decline by 18 percent, along with food and beverages, which fell by 15.5 percent.

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