Monday, March 21, 2011

SG Fashion News: Orchard Fashion Festival to see 5% sales increase

Orchard fashion festival to see 5% sales increase
SINGAPORE - Orchard Road retailers expect to make 5 per cent more in sales at this 
year's Fashion Season @ Orchard, compared with last year, according to the Orchard Road 
Business Association (ORBA).

Retailers made a total of S$33.2 million from the six-week shopping festival last year.

The outlook is bullish this year because of strong economic growth, low unemployment and 
rising wages. But industry observers also warn that sales this year would be in the face of 
higher inflation, with consumer prices expected to rise by about 4 to 6 per cent.

Ms Julienne Loh, vice-president and country manager at MasterCard, said: "Even with 
inflation trends going upwards, we have seen from our own MasterCard research survey
 results that consumers continue to remain optimistic on the economy for 2011."

She added that spending, especially on fashion and accessories, is going to remain high 
this year.

For the first half of this year, MasterCard's consumer confidence index for Singapore 
came in at 86.1, a continuation of the bullish sentiment from last year. A score of 100 
means consumers are most optimistic.

Fashion Season @ Orchard is expected to be held from March 25 to May 8. And
the Government handouts will probably give retail spending a boost, organisers say.

Mr Steven Goh, executive director of ORBA, said: "When people have more money, 

obviously they will be happy to spend on themselves, whether it's dining or shopping.

And with new brands like H&M and Abercrombie & Fitch opening this year, 

observers say sales on Singapore's main shopping belt are likely to get a lift. 
Travis Teo

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