Upcoming major events to drive up retail sales: UOB 

The analyst expects retail sales post full-year growth of 8.5%.

There will be several major events in the market that are expected to increase the full-year growth of retail sales and support domestic retailers, analyst, UOB, said. 

Upcoming major events are F1 night race, concerts, and business travel and meetings, incentive travel, conventions and exhibitions that will attract tourist arrivals.

“The low base effect is likely to continue to uplift retail sales growth prints in the coming months,” said UOB.

With this, UOB said it sees retail sales to expand by 8.5% in 2022, with 4% growth in the remaining months of 2022.

Currently, the domestic consumption is already recovering, with retail sales recording double digit gains in August. The average monthly retail sales value was at $3.8b in August and at $3.9b in July already surpassed the 2019 figure of $3.7b.

UOB said year-to-date, retail sales went up by 11.2% year-on-year.