Sales Up in Singapore for the Second Consecutive Month
March retail sales in Singapore rose 6.2% for the second consecutive month as the country continues its economic rebound. After a 24-month slide, this growth was welcomed news indeed.
The numbers are a boost from last year comparatively when COVID-19 social distancing measures and border restrictions were in effect. The numbers also did not include motor vehicle sales.
Sectors That Boosted Singapore March Retail Sales
The sectors that boasted the biggest turnover were watches and jewelry. These two sectors saw the biggest increase by 60.2%. The growth in sales can be attributed to the increase in domestic spending since not a lot of overseas travel has been happening since last year. This was followed by apparel and footwear that registered a 35.6% boost in sales.
The next few sectors that contributed to the growth in March retail sales include the following:
- Recreational goods (28.3% growth)
- Computer and telecommunications equipment (19.9% growth)
- Petrol service stations (18.6% growth)
- Restaurant sales (17.9%)
Sales in hypermarkets and supermarkets, however, dropped by 14% compared to March 2020.
The Hub for International Business
Singapore has always been a strong international economic hub, and the growth in retail sales is a testament to its long-standing record. Like many countries, it took a hard hit with the COVID-19 pandemic. However, Singapore is one of the few countries that was quick to rebound and gain its momentum once more. Investors are beginning to flock once again to this unstoppable international business hub in Asia.
If you were thinking about starting a business in Singapore, now is the time to be a part of its recovery. How? Let us help with that. For more information about our Singapore Company Incorporation Services, contact us here today.