WHILE retail sales in June and July will get a boost from pent-up demand flooding back into now-open shops, Singapore may not see the dramatic 'revenge spending' sprees that made headlines in China, said economists. Read more at The Business Times.
With dining-in allowed at food and beverage outlets, DBS analysts Alfie Yeo and Andy Sim expect consumer spending to shift from grocery retailers to food services, which are not included in the retail sales index.
While high-rollers in China went on sprees in luxury boutiques to make up for lost time, that may not happen here, he added, noting that things were"relatively quiet" at The Shoppes at Marina Bay Sands on Friday, which have initially reopened for loyalty programme members only. Vehicle sales could provide a boost in coming months, said economists. Dealerships also encouraged appointments, with BMW dealer Performance Motors extending its showroom operating hours for this weekend.
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