(April 06 10:59) Sbr.com.sg
Submitted By:
Clarist Zablan
Case Study:
No
Industries selling discretionary items were affected by a decline in tourist arrivals.
Retail sales fell 8.6% YoY and 8.9% MoM to $3.1b in February, according to data from the Department of Statistics (SingStat). Excluding motor vehicles, retail sales fell 10.2% YoY.
This was mainly attributed to larger declines in retail industries selling discretionary items, due to the decline in tourist arrivals and lower domestic consumption as a result of the COVID-19 outbreak.
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