By Sandra Davie

Economic crisis? Spend more money, urge the economists. And some Singaporeans are taking that advice to heart.
They may have put a hold on big-ticket purchases but are not letting up on 'little treats' like Godiva chocolates, otoro sushi or white truffles, now in season and served up at $10 a gram in upscale restaurants.

Chef-restaurateur Mervin Goh keeps up with the news on the credit crisis that is unfolding around the world. But the 36-year-old, who runs seven Japanese restaurants with two of his brothers, said that on some days, he wonders when it will hit Singapore.

Especially on days like Friday and Saturday over a week ago, when his two most expensive restaurants - the Akashi Japanese restaurant and Inakaya Robatayaki grill at Orchard Parade Hotel - were completely full.

'I felt bad. I had to turn away several customers who turned up at the restaurants. On weekends like this, I feel optimistic.'

He said business has been largely unaffected. Singaporeans still splurge $1,000 on a meal for two, including wagyu beef which costs $40 per 50gm and otoro (fatty tuna belly) sushi which costs $20 a slice.

'Touch wood, people are still spending. On a good night, I can sell 400 slices of otoro,' he said.

Mr Goh's business is not the only one yet to see the effects of the economic slowdown. The cash registers at popular high-end restaurants and shops that sell premium foods like hand-made chocolates, French fare and single malt whiskies are still ringing away.

Brand manager Sebastian Lim, 32, who represents the single malt scotch whisky Macallan, was bracing himself for lacklustre sales. But some 4,000 bottles of Macallan, which run up to about $298 a bottle at bars, were consumed here last month, 3 per cent more than in October last year. He expects sales to be even higher this month and in December.

Gourmet shop Le Bon Marche, which recently opened a cafe on its premises in Tiong Bahru, also reports brisk business. 'Call to book a table,' husband-and-wife team Stephane Herve and Shirley Tang advise Singaporeans eager to dine at their cafe, where a cup of hot chocolate costs $7.50.

No wonder figures released for August showed that the volume of retail sales remained constant. According to the Department of Statistics, telecommunications and computer products saw the biggest year-on-year jump in retail sales. Supermarkets, apparel and footwear retailers, jewellery shops and department stores all raked in higher sales.

Singaporeans seem to be still splurging, despite warnings from economists that the current down cycle may be way worse than the Asian financial crisis in 1997 to 1998 and projections of at least three quarters of negative growth next year.