Singapore retailers are ringing in a happier Christmas this season. The number of people seeking help from the Chinese Development Assistance Council (CDAC) has gone down. Both of them are signs of a stronger economy in Singapore.
Some retailers in Singapore project year-end sales to grow by up to 30 percent compared to the previous year.
On the back of a stronger economy and bigger bonuses this year, retailers said shoppers are more willing to splurge on big ticket items for themselves, family and friends.
In fact, the expectation is for year-end sales to hit pre-crisis levels.
The tills are ringing –also because of the surge in tourist numbers.
Singapore expects visitor arrivals to hit a record of around 12 million this year, helped by the success of the country’s two integrated resorts, Singapore TV Channel NewsAsia reported Sunday.
For the same reason, the number of people seeking help from the CDAC has gone down by 10 percent.
There are also fewer families getting goodie bags from the council this year. Holding its “Ready For School!” project on Saturday, the CDAC handed out school-ready packs to 9,000 students from 4,200 families. Each pack contains 110 Singapore dollars ( about 86 U.S. dollars) worth of stationery and vouchers for transport, books and shoes.