Singapore's Near-Term And Long-Term Consumer Picture Remain Upbeat

We maintain our upbeat near-term and long-term consumer outlook for Singapore. We like its strong domestic demand story, with positives such as high visitor arrivals, continued food and beverage retail sales growth, tight labour market conditions and moderating inflationary pressures supporting demand for consumer-facing players in the near term. Although Singapore has neither a massive nor youthful population to instil dynamic momentum in consumer goods sales, the country's strong macroeconomic fundamentals and low unemployment paint a positive consumer picture over the longer term.

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