Singapore’s Retail Sector Has A Bright Outlook for 2024
Experts have an optimistic view of Singapore’s retail sector, predicting that it will bring in a year-on-year increase of 2% for this year. The sector is expected to thrive for the remainder of the year, thanks to the improvement in its external environment and upcoming major events.
Growth Expected In the Second Half of the Year
Sales growth is expected to continue rising in the second half of 2024, especially after the 2.2% year-on-year increase in May. The wholesale sector is expected to grow 1.8%.
Sales boosted last month thanks to strong motor vehicle sales and a boost in the sale of food, cosmetics, clothing, watches, and alcohol. With the upcoming Formula 1 Singapore Grand Prix in September 2024, the retail sector is expected to get another boost.
Programs to Boost Spending
To boost consumer spending further, the Government has the B2024 Cost-of-Living Special Payment and GSTV-Cash program.
As for tourism, the sector remains resilient and is expected to rebound in the coming months. We can expect to see more retail sales to happen when it does.
Ready to Make a Move?
With Singapore’s retail sector set for growth, now is the perfect time to start a company or optimise your business strategies. Contact 3E Accounting today to explore our comprehensive retail consulting services and thrive in 2024!
