Singapore – Retail sales during Ramadan 2024 have jumped by 16% in Southeast Asia (SEA), according to a report from commerce media company Criteo.
Malaysia led the retail sales increase in the region at 21%, while Singapore saw a 7% climb.
Despite the overall sales surge in SEA, the report sees a drop of 11% in Indonesia’s online sales, signalling shifting consumer preferences. However, sales in Indonesia boomed by 74% towards the end of the period.
In SEA, the last two weeks of Ramadan witnessed an 8% jump, peaking at a 28% increase on April 4.
Particularly, religious and ceremonial items had high demand with a 63% sales increase across SEA. Apparel and accessories also saw a 23% climb, which reflects the tradition of buying new clothes for Eid. Food, beverages, and tobacco sales also increased by 19% amidst the celebrations.
Meanwhile, despite a decrease in travel during the Ramadan period, online travel bookings saw a 29% year-over-year increase.
Additionally, many consumers began seeking products around 20 days before purchasing them, indicating a need for early campaign strategies.
“Ramadan is a crucial shopping period where consumer behaviours change dramatically, offering a golden opportunity for marketers. A well-planned strategy is essential to tap into this heightened consumer intent and drive significant results,” Taranjeet Singh, managing director of venture markets APAC at Criteo, said.
