But from anecdotal evidence and business expectations, more shoppers seem to be holding tightly to their wallets.

So much so that when private banker Jeremy Ching went to Robinsons' yearly sale last week, he found the crowd at the Centrepoint outlet thinner than last year's.

'Last year, it was so crowded that I didn't get to try on anything. This year, I actually bought something,' said Mr Ching, 24.

The Sunday Times did a quick check with 20 shoppers in various city locations.

Fifteen said they have been going out less often in the last two months. Reason? Gloomy news about rising food prices and a possible recession in the United States.

And when The Sunday Times spoke to 100 retailers and food and beverage outlets, 59 said they were seeing fewer customers. At least 10 said business was down by 10 per cent or more.

The rest - 41 shops in large shopping malls, especially beauty and retail electronics outlets - still saw brisk business.

Read the full story in tomorrow's edition of The Sunday Times.

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