Retailers expect tills to ring louder this festive season
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By Imelda Saad | Posted: 11 December 2010 1701 hrs
SINGAPORE: Retailers are ringing in a happier Christmas this season, with some projecting year-end sales to grow by up to 30 percent compared to the previous year.
From branded footwear, high-end coffee makers, serums that proclaim the promise of youth and even body-shape wear for men, shoppers are spending hundreds and even thousands of dollars on year-end gifts.
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.
Gerry Rezel, vice-president for group marketing & communications at Tangs, said: "Everyone's saying, 'I've worked very hard and so it's time to enjoy and spend a little bit more on the family and ourselves'. And we've seen it in the buying patterns for home products and the types of gifts."
"I have almost everything...I don't mind anything new to replace in the kitchen!" said a shopper.
"I don't care about the price as long as I think it suits them and, yea, I just spend!" said another.
Ong Ying Hui, retail associate at Swarovski, said: "Some actually are buying for their boss, they will choose (gifts) like necklace from our classic range and some are even willing to top up more to get a free gift!"
And of course there are the uber-cool gadgets that almost everyone is eyeing.
"Oooh! I wanted to buy a new laptop for myself," said a woman shopper.
Sebastian Chua, assistant retail store manager at epiCentre, said: "My bestseller would be a new MacBook Air, of course, followed by the iPad as an educational tool as well. For Christmas, more are getting the iPod as well, Nano, Touch, Shuffle."
He said the average spending power for customers at the epiCentre shop is about S$1,500 to S$2,000.
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.
"Going to Singapore is a reward in itself," said a woman from the Philippines who is visiting Singapore with her family.
"Spending time, eating out and shopping for the family is already a splurge for us!" said the husband.
Moving forward, retailers are bracing for slower growth next year as the economy moderates. Still, Asia Malls - which manages six malls in Singapore - expects strong sales to continue, at least in the first quarter of 2011.
"Based on past trends of shopper buying behaviour, we see this trend likely to remain strong till after Chinese New Year", said its general manager Stephanie Ho.
- CNA/ir -
Election's coming.
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I think the retailers will be very disappointed, at the end of the day.
Sales should be about the same, or lesser.
Dont forget rich and elite class dun do shopping in Singapore.
Singaporeans getting poorer - from middle down.
PRCs dun celebrate Christmas.... -
Originally posted by Junyang700:
I think the retailers will be very disappointed, at the end of the day.
Sales should be about the same, or lesser.
Dont forget rich and elite class dun do shopping in Singapore.
Singaporeans getting poorer - from middle down.
PRCs dun celebrate Christmas....election news are always rosy.