SG: Sales of luxuries continue falling

What do cars, watches and jewellery have in common? Well the sales have been steadily plunging! (Well, in Singapore at least). Overall retail has been down almost 9% as compared to the same period last year. If we go into specifics, the sale of motor vehicles has decreased 36.1% from last year, compared to the 16.3% drop in the sale of watches and jewellery. Experts believe the downward trend will continue, as buyers often think twice before purchasing a new vehicle as a result of the loan rules introduced last year.