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While Singapore saw a one percent increase in tourist arrivals, tourist receipts fell by 4.8 percent to $6.5 billion in the first quarter of 2019.
This implies that an increase in arrivals does not necessarily translate to bigger tourism spending, reported Singapore Business Review.
With retail sales falling 1.3 percent to $3.6 billion in August, UOB Global Economics and Markets Research expects tourist receipts for the first nine months of the year to remain safe.
Tourist receipts contracted by 4.8 percent to $6.5 billion in the first quarter of 2019, which is around the same time when international arrivals increased one percent.
This implies that an increase in arrivals does not necessarily translate to bigger tourism spending, reported Singapore Business Review.
In August 2019, international arrivals climbed again by 3.1 percent year-on-year to 1.74 million persons, albeit slower compared to the four percent year-on-year growth registered in July, when 1.8 million persons visited Singapore.
Looking ahead, UOB expects retail sales for the whole of 2019 to fall by two percent.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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