16 Feb '11, 2am

Christmas shopping boosts retail index

Christmas shopping boosts retail index

Shoppers opened their wallets and went on an impressive buying spree during the Christmas season that surprised even the experts. -- ST PHOTO: DESMOND LIM SHOPPERS opened their wallets and went on an impressive buying spree during the Christmas season that surprised even the experts. The consensus among economists was that the retail index would rise by just 0.9 per cent last December, but it jumped by 1.8 per cent year on year. The strong result sharply reversed the 2.3 per cent decline in November, said the Department of Statistics. The main drag on the index was the slowdown in car sales. Hit by high certificate of entitlement premiums, car sales continued to fall in December by 25.1 per cent, after a 28.8 per cent drop in November. If the car sales component was stripped out, the index expanded by 8.6 per cent, as shoppers splashed out more on all other categories. Spe...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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It was a jolly end to the year for retailers in December 2010 as they raked in 1.8% more in sales compared to a year ago. ...