Chinese Tourists Are Hurt In Reducing Retail Sales In Singapore.

< p > for a long time, < a href= "http:// www.sjfzxm.com/news/index_p.asp" > Singapore < /a > and Hongkong are good places for wealthy people to travel and consume.

But for a variety of reasons, today's Singapore has long been unable to compare with Hongkong, and the attractiveness of foreign tourists' travel consumption has gone from bad to worse.

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< p > foreign media reported in August 4th that retailers are promoting Singapore as a "good place for shopping preferences".

Chinese tourists who travel to Singapore are also influenced by this advertisement and have begun to buy luxury goods in Singapore.

A Chinese tourist found that the Roy's handbag with discount promotions was not as cheap as it expected because tourists found it cheaper to buy it in Hongkong.

The customer was very upset that he would not go shopping in Singapore again.

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< p > according to the relevant analysis of the retail merchants association, the difference between the two places is due to the difference in exchange rate, labor cost and sales tax.

Comparatively speaking, Hongkong has more advantages in these three aspects and the price will be cheaper.

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< p > according to the statistics of Singapore Tourism Bureau, the number of Chinese tourists traveling to Singapore in the first five months of this year has dropped by 27% compared with the same period last year. The reason for such a sharp decline is the slow growth of the mainland's economy and the implementation of new regulations to restrict the travel shopping of civil servants.

The decline in the number of tourists has led to a 4% decline in the annual Shopping Festival in Singapore.

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< p > industry insiders say that since the financial crisis, Singapore's "a href=" http:// "www.sjfzxm.com/news/index_c.asp" > retail business < /a > has been facing more and more regional competition, and the market downturn has been sluggish. Domestic consumers and tourists have tightened their belts to reduce consumption expenditure.

According to the current situation, the market downturn will last for at least 12 months.

For Singapore's retail industry, the current situation is not very good! < /p >

< p > first, as the most important source of overseas tourists in Singapore, the mainland of China (about 50% of Singapore's foreign tourists) is now cracking down on corruption, which will inevitably lead to a decline in the number of mainland tourists who travel abroad.

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< p > secondly, compared with the Hong Kong dollar, the new currency is much more expensive.

Mainland tourists use Renminbi to exchange Hong Kong dollars more than the new currency. The consumption power of Hong Kong dollar after Hong Kong dollar is much stronger than that of Singapore dollar.

Tourists prefer to go shopping in Hongkong with cash exchanged.

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< p > moreover, the price difference between the two places is obvious.

The difference between Singapore and < a href= "http:// www.sjfzxm.com/news/index_p.asp" > Hongkong < /a > is generally 10%.

Although tourists who go shopping in Singapore can get some tax rebates when they leave the country (the Singapore government collects 7% of the commodity tax), there will still be at least 3% of the price difference after tax rebates.

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In addition, the cost of human resources in Singapore has risen sharply, P.

It is reported that in the past two or three years, the cost of labor of Singapore's famous brand stores has increased by 30%.

Because of the high operating costs and the departure of many brands, it will also weaken Singapore's attractiveness to foreign tourists to some extent.

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