Singapore expects double-digit rise in retail sales: survey

The Singapore as well as the Asia Pacific retail scene are expected to ring in the cash in a robust recovery in consumer spending, local media reported on Monday.

The inaugural MasterCard Worldwide Index of Consumer Spending Capability (MWICSC) predicts double-digit retail sales growth this year for Singapore, China, China's Hong Kong, India, Indonesia, South Korea and Malaysia as a result of improving economic fundamentals, local TV broadcaster Channel NewsAsia reported.

According to the data collected, Singapore's MWICSC has risen strongly by 9.4 points to 65.3 points. Singapore consumers continue to want to wine and dine, with 70 percent of them planning to spend on Dining & Entertainment in the six months ahead. Consumer Electronics comes second at 52 percent and Fashion & Accessories ties with Travel in third place with 48 percent.

Compared to the last survey, fewer consumers in Singapore are planning to reduce their discretionary spending - 24 percent compared with 30 percent in the last survey.

Elsewhere, consumers in China (26 percent), India (24 percent), and South Korea (24 percent) are the most likely to increase their discretionary spending in the six months ahead, while consumers in the Philippines (65 percent), Indonesia (49 percent) and Thailand (47 percent) are prone to reduce their discretionary spending.

Source:Xinhua