Sales of cars, along with watches and jewellery, lose steam

Sales of cars, watches and jewellery took a double-digit plunge in April, dragging down the overall retail sales performance. Retail was down by nine percent compared to the same period a year ago.

Sales of motor vehicles were down 36.1 percent from last year. The Department of Statistics reported that excluding motor vehicle sales, retail sales slipped 1.3 percent, which in part was caused by a 16.3 percent drop in sales of watches and jewellery.

Economists have expected sales of motor vehicles to continue the downward spiralling trend, as loan rules which are still in place prompt buyers to think twice before making purchases.

But those who spoke to The Business Times said that they were taken aback by the dip in watch and jewellery sales, and relate that to the weakness in visitor arrivals.