pstrongRetail sales fell 1.0% MoM./strong/p pDespite expectations, Taylor Swift's six-day concert in March failed to prop up retail sales, a href="https://sbr.com.sg/retail/news/retail-sales-rise-27-yoy-in-march"which dipped by 1.0% MoM.
UOB economists, however, observed good momentum for sales of Food & Alcohol, Department Stores and Cosmetics, Toiletries & Medical Goods, and Watches & Jewellery."Part of the reason for the lack of 'wow' in Mar was likely due to a dip in Chinese tourist arrivals," UOB economists said.
"Chinese tourists in March amounted to only 83% of the 300,000 recorded in March 2019, a noticeable step down from the prior month, which was at 96% of 340,000 recorded in February 2019," UOB said. external support with the pickup in regional leisure travel, complemented by major events such as various sports, popular concerts and BTMICE activities," the economists said.
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