December retail sales lower than expected
Retail sales in Singapore rose 4.2 percent in December from the previous year, as a slow economy affected the market sector, according to a Strait Times report.
However, the growth was lower than forecasted, given that December is usually a good period for retailers. It appears that consumers are holding back on purchasing big items like cars, as car sales dropped 14.7 percent from November, marking the biggest decline of 38 percent since February last year.
Consumers were still spending on telecommunications and technology goods, as retailers witnessed a 29.7 percent growth in sales from the previous year.
On the other hand, medicinal goods, beverages and fuel consumption posted double digit growth from a year ago.
Meanwhile, the retail sector is preparing for the 'Lemon Law', as proposed amendments to the Consumer Protection (Fair trading) Act and Hire Purchase Act were filed in Parliament.
A Straits Times report revealed that of 15 big and small retailers, 13 were preparing for customers seeking redress for products which may have fallen short in performance or quality within six months of purchase.
Some stores have started to train their personnel in how to handle such clients, while others have discussed with their suppliers on how requests for discounts, refunds or replacements of defective products will be dealt with.
The changes to the law will take effect by September. Related Stories:
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