Singapore retail sales crash 52% in May due to Circuit Breaker measures.

The job market is also softening.


Alfred Lee

6 Jul, 2020

Singapore retail sales crash 52% in May due to Circuit Breaker measures. | BEAMSTART News

- From our Sponsors -

While countries across Asia are slowly reopening from the pandemic, businesses are still taking a while to recover.

In Singapore, retail sales fell by 52.1% year-on-year to $1.8 billion in May due to the Circuit Breaker, according to the Department of Statistics (Singstat).

May figures were a much steeper decline to April, which was at 40.3%, which marks the lowest decline since 1986.

All retail industries registered year-on-year declines except essentials, such as supermarkets, hypermarkets, mini-marts, and convenience stores segments. 

Analysts expect the numbers to improve from June, as the government slowly eased lockdown restrictions in the country.

“With the re-opening of stores during the Phase 2, we can expect some improvement from June onwards with a potential initial snapback in pent-up demand, but the test of the pudding is whether the momentum can sustain into H2, especially since the domestic labour market conditions are likely to remain soft and there has been an emergence of second wave of infections globally, as well as the hesitation to resume international travel may mean that demand conditions remain muted in the coming months,” said Selena Ling, head of treasury research & strategy at OCBC Investment Research.

- From our Sponsors -

Latest Jobs

VP of GTM Strategy and Revenue Operations

TRM Labs

Full Time

USD 200000 — USD 220000 yearly

Full-Stack Engineer

BLISSWAY

Colorado,

Full Time

Salary Undisclosed

Senior Recruiter (U.S. - remote)

authzed

Full Time

USD 110000 — USD 135000 yearly

Software Engineer (Product, Design)

Coast

New York,

Full Time

USD 140000 — USD 200000 yearly

Product Intern (6 months)

Hypotenuse AI

Internship

Salary Undisclosed

AI Engineer

Fathom

Full Time

USD 130000 — USD 160000 yearly

Full Stack Engineer (India)

VectorShift

Full Time

USD 20000 — USD 30000 yearly

UX Product Designer

just words

California,

Contract

USD 50000 — USD 100000 yearly

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest startup jobs, news, and discussions.

 
© 2016 - 2024 BEAMSTART. All Rights Reserved (Legal).