Luxury Brands in Singapore
Business as good as Xmas past
But retailers don't expect festive buying to continue into new year as recession bites.
Many designer outlets reported that sales has held steady from the same period last year, without having to slash prices.
Credit card companies told The New Paper that the recession has not dampened sales.
OCBC Bank's head of credit cards said the Christmas season would often see an increase in overall spending and payments.
Luxury watch retailer Sincere Watch confirmed this. "No doubt, the recession does affect many people, but there'll always be the rich who have high disposable income. So the luxury sector is usually less affected than the mass market."
Shopping malls which house high-end boutiques said shopper traffic over the holiday season has been relatively unaffected by the global slump.
None of the fashion houses held Christmas sales as their practice is to slash prices only at the end of every season.
Source: The New Paper dated 27 December 2008
But retailers don't expect festive buying to continue into new year as recession bites.
Many designer outlets reported that sales has held steady from the same period last year, without having to slash prices.
Credit card companies told The New Paper that the recession has not dampened sales.
OCBC Bank's head of credit cards said the Christmas season would often see an increase in overall spending and payments.
Luxury watch retailer Sincere Watch confirmed this. "No doubt, the recession does affect many people, but there'll always be the rich who have high disposable income. So the luxury sector is usually less affected than the mass market."
Shopping malls which house high-end boutiques said shopper traffic over the holiday season has been relatively unaffected by the global slump.
None of the fashion houses held Christmas sales as their practice is to slash prices only at the end of every season.
Source: The New Paper dated 27 December 2008
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