Asians in fes­tive shop­ping spree as West sulks

The Pak Banker - - International3 -

SINGAPORE: Strong cur­ren­cies and a travel boom are fu­elling a fes­tive shop­ping spree in Asia's re­tail cap­i­tals even though con­sumers re­main wary of a new down­turn, econ­o­mists and re­tail­ers say.

With US and Euro­pean con­sumers stuck in un­cer­tainty, global brands are pin­ning their hopes on Asia, where the buy­ing binge usu­ally stretches from Christ­mas to the Lu­nar New Year which will take place in early Fe­bru­ary.

Singapore's fash­ion­able Or­chard Road is teem­ing with for­eign shop­pers, many of them from South­east Asian coun­tries whose cur­ren­cies have ap­pre­ci­ated sharply against the US dol­lar this year.

Don Tri­angga, a 26-yearold In­done­sian tourist, said he spent 1,500 Singapore dol­lars (1,150 US) on a Louis Vuit­ton belt and a Burberry shirt, and he wasn't done yet. "The Burberry polo shirt is a gift, but the belt I use," he told AFP while sit­ting next to a gi­gan­tic Christ­mas tree in front of the swank Ion Or­chard shop­ping mall. -Afp

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