Tighter budgets see slower start to Lunar New Year shopping

Singapore

SLOW starts to the Lunar New Year buying season did not stop gift companies and retailers from projecting optimistic sales for the festive period this year, despite the slower economic growth that has led to some belt tightening among consumers.

Hamper firms that The Business Times spoke to had initially reported slow sales during the first 10 days of January, but volumes started to pick up by the end of last week.