Times are particularly bad for Singapore right now, in terms of economy. Not many people are actually going out and shopping, even during this CNY period. Imagine what it would be like for the retailers themselves.
According to a Straits Times report, business at the Chinese New Year festive bazaars are the hardest hit. Where in previous years, the retailers there would expect to make lots of profits during the CNY period, this time round, business is just not as good. The report indicated that the reason is three fold, the wet weather that suddenly decided to make end January as the monsoon season, a poor economic outlook as people gets less bonuses and no pay rise, and the proximity of the CNY to the Gregorian New Year, meaning shoppers had done all their shopping during the Xmas/New Year period instead.