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Singapore Retail Report Q3 2009Published by: Business Monitor International Published: Jun. 15, 2009 - 41 Pages Table of Contents
AbstractThe new BMI Singapore Retail report predicts that total retail sales will grow from an estimated US$24.3bn in 2008 to more than US$31.0bn by 2013. A low unemployment rate, rising disposable income and a strong tourism industry are key factors behind the forecast growth.Singapore’s nominal Gross Domestic Product (GDP) was US$174bn in 2008. Average annual GDP growth of just 0.8% is predicted by BMI to 2013. With the population increasing by 5.6% over the period, GDP per capita is predicted to ease from US$38,811 in 2008 to US$37,859 by 2013. Our assumption of consumer spending per capita is for an increase from US$15,369 in 2008 to US$20,450 by the period-end. Singapore Department of Statistics (SDS) figures show that median monthly household income from work among all resident households increased by 13% from SGD4,380 (US$3,068) in 2007 to SGD4,950 (US$3,469) in 2008. The number of households in higher income brackets also increased, with the proportion of employed households earning at least SGD7,000 (US$4,900) per month increasing from 33% in 2007 to 39% in 2008. The country recorded 10.1mn visitors in 2008, according to the Singapore Tourism Board (STB). Tourism receipts were an estimated SGD14.8bn (US$10.4bn), a 5% increase over 2007. By 2015, the STB aims to double the number of visitors to 17mn per year; entice visitors to increase their daily spending by 40%; and triple tourism receipts to SGD$30bn per annum (US$21bn). SDS retail category figures suggest that the leading retail sub-sector in Singapore is automotive, with estimated sales of US$8.8bn in 2007. Sporting, other recreational goods & personal effects accounted for US$1.9bn of sales; furniture, furnishings & other household equipment for US$1.7bn; jewellery, watches and clocks for US$1.4bn; textiles, clothing, footwear and leather goods for US$1.2bn; computers, telecommunications & office equipment for US$0.9bn; and optical and photographic goods, books, magazines and paper products for US$0.7bn. Assuming unchanged market shares for these retail categories, the furniture and furnishings segment could be worth US$2.5bn by the end of the forecast period, with jewellery and watches potentially reaching US$2.1bn by 2013. BMI estimates that over the counter (OTC) pharmaceutical sales amounted to US$0.7bn in 2007, and is forecasting a rise of 70% to US$1.2bn by 2013. Sales of consumer electronics products are predicted to increase from US$3.0bn in 2007 to US$4.0bn by the end of the forecast period, a rise of 36%. Retail sales for the BMI universe of Asian countries in 2008 were an estimated US$2,044bn. China and India alone in 2008 accounted for almost 93% of regional retail sales, with their combined share expected to reach 94% by 2013. Growth in regional retail sales for the period 2008 to 2013 is put by BMI at 105%, or an annual average 17.6%. China should experience the most rapid rate of growth, followed by Indonesia and India. For Singapore, the estimated 2008 market share of 1.2% is expected to decrease to 0.7% by 2013. Get Full Details About This Report >> |
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