Singapore’s retail sector has experienced a significant recovery in July 2024, with retail sales increasing by 3.1% on a month-over-month basis. This improvement follows a sharp decline of -3.7% recorded in June 2024. The updated data, released on September 5, 2024, marks a positive turnaround for the city-state’s economy.The encouraging July figures reflect a broad-based recovery and suggest a renewed consumer confidence. Market analysts attribute the rebound to a combination of factors, including increased tourist arrivals and a series of promotional sales and discounts from stores keen to boost revenues during the summer holiday season.This uptick in retail activity marks a promising step for Singapore’s economic outlook moving forward. As businesses continue to adapt to evolving market dynamics, policymakers and industry stakeholders will closely monitor upcoming retail performance metrics to gauge enduring trends and ensure sustainable growth.The material has been provided by InstaForex Company – www.instaforex.com
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