Singapore consumer spending in January slide

CONSUMERS in Singapore continued to cut back on spending in January, with retail sales slipping 1.4 per cent from December, and declining 2 per cent from a year earlier.

Figures from the Singapore Department of Statistics on Friday showed that January sales of telecommunications apparatus and computers saw the sharpest fall - declining 9.2 per cent compared to December.

Motor vehicle sales also remained a drag on the back of high car prices, falling 2.3 per cent on the previous month, and 0.6 per cent year-on-year.

Retail sales of food and beverages decreased 24.3 per cent in January compared to the same month last year, partly due to the higher base in January 2012 as a result of the Chinese New Year holiday falling on that month.