Takings at food and alcohol retailers grew 31.4 per cent compared with February 2023.
Takings at the till rose 8.4 per cent over February 2023 and came after a 1.6 per cent rise year on year in January.Takings at the till rose 8.4 per cent over February 2023 and came after a 1.6 per cent rise year on year in January, noted the Department of Statistics on April 5.
“The improvement was likely driven by both local and foreign tourist spending amid the festive mood,” he added, noting that Chinese tourists were a key contributor due to the Chinese New Year holidays and the kick-off of theWatch and jewellery sales put on 16.8 per cent but takings fell 9.3 per cent for retailers of optical goods and books. It was much the same for computer and telecommunications equipment, with turnover down 7.7 per cent. Sales of motor vehicles rose by 1.5 per cent.
Although discretionary spending looked buoyant, there may be signs of consumer prudence, given the still high cost of living and soft labour market, said Mr Chua. Food and beverage services lifted sales by 14.7 per cent year on year, reversing a 5.5 per cent dip in January. This was attributed to Chinese New Year being celebrated in February in 2024 and January in 2023.
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