“So, if people are reluctant to spend, overall, it’s not a very good sign,” said Professor Qian Wenlan from NUS Business School
The retail sector in Singapore is facing a downturn as more Singaporeans shop overseas due to the stronger Singapore dollar.
Analysts attribute this decline to various factors, including reduced consumer spending following the first-quarter concert boom and other events. SRA also emphasised that many Singaporeans view a day trip to Johor Bahru as a convenient option for a weekend getaway or public holiday, where they often shop at significantly lower costs than in Singapore.For example, one can get a full manicure and pedicure that costs S$35 in Johor Bahru, compared to between S$80 and S$120 in Singapore.
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