Home furnishing demand in Singapore doubled in February-March

Work from home arrangements fuelled growth in the sector.

Consumer activity for home furnishing in Singapore more than doubled (105%) from 1 February to 31 March, according to data from fintech platform Revolut.

In particular, furniture retailers Courts and IKEA have seen growth of 92% and 128%, respectively, with more people setting up their home offices and preparing for a longer period of working and learning from home.

For this same reason, consumer activity for stationery and school supplies rose 15%.

Also recording one of the largest surge in transaction volume is entertainment at 55%, led by spending in digital goods for video games. Steam games (104%) and Nintendo (82%) particularly witnessed some of the largest growth.

“It is likely that the worldwide coronavirus pandemic has had a significant impact on the increase in online activity and transactions overall, as many more people find themselves at home,” Revolut commented.

There has also been a growth in transaction volume at hardware and do-it-yourself (DIY) stores at (44%), in line with Google’s recent search data that revealed a spike in “do it yourself” searches, such as making hand sanitizers or protective equipment.

Foreign in-store transaction volume slipped 34%, but local e-commerce and local in-store transactions rose 35% and 30%, respectively, in March. Online food delivery spending soared, with Foodpanda experienced the highest jump at 150%.

Photo from Courts website