Magazines Archives - 2007 March
Tourists Spent Record Amount In Singapore Shops Last Xmas
THE 2006 Christmas season was a time of cheer for Singapores retailers, with retail spend by tourists hitting a record high. According to Global Refund, a leading travel financial services provider, tourist spending over the festive season accounted for 20% of the total tourist spend in Singapore for the entire year.
The big spenders were visitors from Indonesia, China and India, said Global Refund. Tourists from these markets rang up an average of S$1,200 (US$785.40) in shopping receipts between 11 November 2006 and 2 January 2007.
Figures revealed by Global Refund also showed that tourists parted with close to 10% more money during Christmas than during the Great
Singapore Sale one of the years main shopping calendar highlights.
Despite its appeal, the Great Singapore Sale drew just over 15% of total tourist expenditure in 2006.
Said Rodney Teo, managing director of Global Refund Singapore: The record Christmas spend from tourists certainly spells good news for the local retail sector. Between 2005 and 2006 alone, total tourist expenditure during the Christmas period increased by close to 5%. While industry estimates indicate that half of tourist spend goes to the retail sector, this figure is expected to grow even further.
The countrys emphasis on enhancing its position as a vibrant shopping destination with increased retail malls and the forthcoming Integrated Resorts should help the local retail sector to capitalise further on new opportunities in tourist shopping.
The most highly sought-after products in 2006 included watches and jewellery which accounted for 35% of total purchases, while fashion apparel made up 15%.