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Singapore retail sales down 5.7% in August; F&B dragged by caterer sector
SINGAPORE retail sales dropped 5.7 per cent on the year in August, an improvement from the 8.5 per cent year-on-year decline recorded in July, according to the Singapore Department of Statistics (SingStat) on Monday.
The better performance was due to strong demand for both new and used cars, SingStat noted. Excluding sales from motor vehicles, retail sales fell 8.4 per cent year on year.
On a seasonally-adjusted basis, total retail sales were higher by 1.4 per cent on the month, and up 0.1 per cent on the year.
Estimated total retail sales value stood at S$3.4 billion year on year, with 10.9 per cent coming from online transactions.
Most retail industries continued to register year-on-year declines in sales in August. The department stores sector saw sales slump 35.3 per cent, cosmetics, toiletries and medical goods sales fell 29 per cent, while wearing apparel and footwear industries decreased 28.6 per cent year on year.
Supermarkets and hypermarkets, furniture and household equipment, as well as computer and telecommunications equipment industries saw a year-on-year growth in sales, rising 21.9 per cent, 18.7 per cent and 16.4 per cent respectively.
On a seasonally-adjusted month-on-month basis, however, most retail industries recorded growth in sales in August. Sales of petrol service stations and motor vehicles rose 10.1 per cent and 8.8 per cent respectively. Growth was also seen for retailers of watches and jewellery, as well as furniture and household equipment, rising 9.4 per cent and 6.7 per cent respectively.
Turnover from food and beverage (F&B) services was down 28.6 per cent year on year, a larger drop compared with the 25.4 per cent fall recorded in July. This was mainly due to the food caterer sector as food catering services for the majority of foreign worker dormitories were no longer required from August, SingStat said.
Caterers continue to be the hardest-hit segment, as revenue declined 46.3 per cent from July. Year on year, revenue tumbled 70.6 per cent. This came amid lower demand for event catering as a result of restrictions on large-scale events and gatherings.
Year on year, sales from cafes, restaurant turnover decreased 32.2 per cent, food courts and other eating places sales slid 17.6 per cent, while fast-food outlets fell 10.9 per cent.
On a seasonally-adjusted basis, sales of F&B services slipped 3.4 per cent in August month on month. Overall F&B sales volume in August stood at about S$665 million, with online sales making up around 20.6 per cent.
Source: https://www.businesstimes.com.sg/government-economy/singapore-retail-sales-down-57-in-august-fb-dragged-by-caterer-sector