The Singapore Furniture Association has engaged your team service as there is an ongoing sentiment within the board that the business for furniture retailers in Singapore is declining due to the increasingly preferred way of shopping for furniture directly from overseas via online shopping platforms such as Taobao, Lazada and Shopee, where consumers can ship their furniture directly from China. Your team has been engaged to provide insights based on data. Your team is provided with the retail sales index (RSI) that the association tracks regularly.
(a) Using an appropriate forecasting method, forecast the RSI from October 2021 to June 2022. You are required to provide comments on the data, justification for the method used, and the essential steps in the forecasting process.