Singapore Consumer & Retail Q4 2018
Singapore's GDP growth rate will slow in 2018 on the back of the softening of the global tech cycle and rising tradetensions between the US and China. However, we maintain our modest view on Singapore's consumer market as inflation is unlikelyto surge and unemployment levels remain constant. The ongoing labour restructuring process is acting as a cap on growth, withwage growth likely to remain tepid despite the country's relatively tight labour market. Consumer confidence shows little signs ofimprovement while retail sales growth in 2018 is likely to remain below its potential, limiting growth opportunities for retailers.
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