SINGAPORE – The Black Friday weekend brought more year-end cheer to retailers and e-commerce players in Singapore, with some reporting multi-fold increases in sales and one retailer saying business over the weekend was comparable to the Christmas festive period.

The success of the bargain-hunting event – originally from the United States and which fell on Nov 24, the day after Thanksgiving – came on the back of brisk sales recently reported for Singles' Day on Nov 11. Both events grew in scale here only in recent years and economists said Black Friday's success was due in part to the improved economic forecast this year.

"I suppose there is a bit more 'spring' in the feet of consumers, in light of the better economic data locally and globally. The better headline news are rubbing off (in terms of consumer confidence), and is likely to carry through to Christmas," said CIMB economist Song Seng Wun.

Ms Selena Ling, Head of Treasury Research & Strategy at OCBC Bank agreed, noting the recent upgrade in the full-year economic forecast for Singapore to 3 to 3.5 per cent, from the previous range of 2 to 3 per cent. "Consumer sentiments have picked up and people are now more willing to open their wallets," she said.

Fashion retailer F J Benjamin – which manages popular brands like Marc Jacobs, Guess and La Senza – saw double-digit year-on-year growth for the Black Friday weekend this year.

Its La Senza lingerie outlet at Ion Orchard was only able to close past 11pm last Friday – two hours later than usual – after all customers had completed their purchases.

Mr Douglas Benjamin, group chief operating officer of F J Benjamin Holdings, said he was not surprised by the turnout as Black Friday has gained traction here in recent years. "It was almost like a 'flash mob.' Even on Saturday evening, we were also very busy with sales," he said.

The queue that formed 16 hours before Robinsons threw open the doors of its flagship store at The Heeren translated into growth in sales at the outlet, as well as its two other stores at Raffles City and Jem mall. It extended its operating hours from 7am to 1am on Friday and offered promotions such as an Apple iPhone 8 Plus (256GB) with a minimum storewide spending of S$6,000.

The company, which was holding a Black Friday sale for the fourth time here, did its homework by studying what customers were looking out for in deals, and had tailored its promotions accordingly, a spokesperson said.

Furniture and electronics retailer Courts said sales exceeded its targets, with online sales almost doubling from last year.

"Black Friday has cemented its status as one of the biggest shopping events in the retail calendar...Due to the combined effect of Black Friday and the new redesign of our Megastore, sales for the Courts Megastore in Tampines also saw an uplift," said country chief executive of Courts Singapore Ben Tan.

Meanwhile, e-commerce companies such as Lazada, Qoo10 and Shopee reported multiple gains compared to last year.

For Qoo10, the Singapore market recorded S$10.1 million of transactions over the weekend, comparable to the Singles' Day weekend where transaction value reached S$13 million, said its country manager for Singapore, Mr Hyunwook Cho.

Mr Zhou Junjie, Shopee's chief commercial officer and Singapore country head, said sales increased five times from 2016. He expects the "upward trend" to continue, going forward.