There’s no stopping the e-commerce boom in Singapore
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Sales will top $1.4 billion this year.
Singapore’s e-commerce sector will continue to expand at a breakneck pace in coming years, according to a report by CBRE.
Sales have grown at a record rate over the past five years, rising from just $800 million in 2012 to over $1.34 billion in 2015.
Citing data from a report by Euromonitor International, CBRE noted that 2014’s internet retail sales grew 12.5% year-on-year to $1.08b, while mobile internet retail sales surged by 53.9% to $280.9 million.
CBRE believes that the strong growth in online retail will drive demand for industrial space in Singapore.
“All these indicate that Singapore’s e-commerce sector is poised to expand further, which could potentially emerge as the next underlying demand driver for the industrial market,” said CBRE.
Questions & Answers
Q.What is the projected value of e-commerce sales in Singapore for the current year?
What is the projected value of e-commerce sales in Singapore for the current year?
E-commerce sales in Singapore are forecast to reach $1.4 billion this year. This figure suggests continued strong growth within the sector, according to the report by CBRE.
Q.How significantly have e-commerce sales grown in Singapore over recent years?
How significantly have e-commerce sales grown in Singapore over recent years?
Sales have shown substantial growth, increasing from $800 million in 2012 to over $1.34 billion in 2015. This represents a record rate of expansion over the five-year period mentioned.
Q.What impact does the growth in online retail have on Singapore's industrial market?
What impact does the growth in online retail have on Singapore's industrial market?
The strong growth in online retail is expected to increase demand for industrial space across Singapore. CBRE views this as a potential new underlying demand driver for the industrial market.
Q.What was the growth rate for mobile internet retail sales in 2014?
What was the growth rate for mobile internet retail sales in 2014?
Mobile internet retail sales saw a significant increase of 53.9% in 2014. This surge brought the total value for mobile sales to $280.9 million, as noted by CBRE using Euromonitor data.
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