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Follow on Google News | New market study, "Singapore Retail Report Q3 2011", has been publishedFast Market Research recommends "Singapore Retail Report Q3 2011" from Business Monitor International, now available
Thanks to the robust retail sales outlook, increasing tourism arrivals and a strengthening Singaporean dollar, the domestic consumer sector is expected to weather the global secondary economic slowdown relatively well. While Singapore lacks the advantage of a massive consumer base, its low unemployment rate, the rapid influx of foreign immigrants and increasing visitor arrivals will continue to instil dynamism into the local retail scene and further buoy consumer spending. ------------------------------------------------------------ Full Report Details at - http://www.fastmr.com/ ------------------------------------------------------------ The February 2011 budget provided a boost to consumer spending power, with the SGD6.6bn (US$5.2bn) 'Total Benefits' package earmarked for households in 2011-2012 expected to have positive implications for the Singapore consumer. Total growth dividends of up to SGD1.5bn (US$1.2bn) will be distributed to all local adults, while individuals with lower incomes who live in public housing will get significantly higher handouts. For the middle class, a personal income tax rebate of 20%, capped at SGD2,000 (US$1,569), will be in place for year-of-assessment 2011(January- Singapore's nominal GDP is forecast to be US$260.5bn in 2011. Average annual GDP growth of 4.3% is predicted by BMI for the period through to 2015. With the population expected to increase from 5.2mn to 5.3mn over the forecast period, GDP per capita is expected to rise from US$50,222 in 2011 to US$66,159 by 2015, a rise of 32%. The Singapore Department of Statistics' figures show that median monthly household income from work among all resident households declined 1.9% from SGD4,950 in 2008 to SGD4,850 in 2009. While lower compared with 2008, which saw a significant growth in income, median household income from work in 2009 was still higher than the other years in the past decade. Visitor arrivals to Singapore declined by 4.3% year-on-year (y-o-y) in 2009 to 9.7mn, with the Singapore Tourist Board (STB) stating that its previous target of 17mn visitor arrivals and SGD30bn (US$21bn) in tourism receipts in 2015 will be a challenge. However, the opening of the World Sentosa and Marina Bay Sands resorts has rejuvenated local tourism and will continue to provide upward support to the country's retail sales growth, with more facilities in the two resorts due to be added over the coming years. BMI forecasts the over the counter (OTC) pharmaceutical sector to be worth US$0.14bn in 2011 and that sales will increase by more than 18% to US$0.16bn by 2015. Sales of consumer electronics products are expected to increase by nearly 25%, from US$3.72bn in 2011 to US$4.64bn by the end of the forecast period on the back of strong demand for high-end products such as multimedia notebooks, 3G phones and smartphones. BMI food consumption data suggest that the food retail segment will have a market share of 21.5% in 2011. The sub-sector is forecast to be worth US$7.02bn this year and sales are expected to grow to US$7.75bn by 2015. Given that expansion of non-food retail is expected significantly to exceed that of the food segment, our forecasts suggest a reduction in the retail market share of food to 19.9% by 2015. Per capita food consumption is still forecast to be nearly US$1,448 in 2015, which is impressive for the Asia Pacific region. Mass grocery retail (MGR) sales are forecast to be US$3.12bn in 2011 and to grow by more than 25% to US$3.91bn by 2015, more than double the rate of growth for overall food sales. This would take MGR's share of the overall food market from 44.4% in 2011 to 50.5% by the end of the forecast period. Retail sales for the BMI universe of Asian countries in 2011 are a forecast US$3.05trn. China and India are predicted to account for nearly 91% of regional retail sales in 2011, and by 2015 their share of the regional market is expected to be almost 92%. Growth in regional retail sales for 2011-2015 is forecast by BMI at 75.2%, an annual average 14.9%. India should experience the most rapid rate of growth, followed by China. China's forecast 2011 market share of 77.6% is expected to decline slightly to 77.2% by 2015. Singapore's market share of 1.1% in 2011 is forecast to fall to 0.7% by 2015.About Business Monitor International Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156. # # # Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. End
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