Retail sales show sharp rise in May
Consumer spending in May grew strongly from a year ago, with retailers from a broad range of sectors registering higher sales as shoppers snapped up computers, furniture, medical goods and jewellery.
Data from the Department of Statistics showed that the retail sales index excluding motor vehicles shot up 8.3% in May from last year, with pricey buys such as watches and jewellery seeing a sharp jump in sales. Including motor vehicle spending, the index saw even higher growth at 10%.
As for Jun, Citigroup economist Kit Wei Zheng said that retail sales likely held up, and may even see a double-digit rise from last year. He cited a MasterCard report which said that spending by local and tourist MasterCard holders surged 49% from last year during the 1st month of The Great Singapore Sale (May 27-Jun 25).
In particular, the watches and jewellery segment saw a 25.7% surge in spending, the highest growth rate of the 14 categories under the index. Motor vehicle sales climbed 16.3%, while petrol service stations saw a 12.9% jump. Telecommunications equipment and computer spending rose 12%.
Source : The Business Times, 16 Jul 2011
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