Singapore’s Great Sale wasn’t great: Bloomberg

Chinese tourists are saying "meh".

Singapore’s Chinese tourists are getting more disappointed with the country, with retail sales continuing to dwindle as they discover that Hong Kong has better offerings, after all.

A report by Bloomberg reveals that Singapore has three reasons for the high mark-up: a strengthening exchange rate, rising labor costs and a sales tax. These are all things that tourists do not encounter in nearby Hong Kong.

Singapore imposes a 7% tax on goods and services. Bloomberg says that international tourists including those from China, Indonesia and India account for at least 20% of Singapore retail sales, with Chinese accounting for about half of that. Data from the tourism board show that Chinese visitors spent $800 million in Singapore in the 1st quarter, of which almost half was on shopping.

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