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Singapore’s retail sales drop 8.4% in January on Chinese New Year effect
RETAIL sales in the first month of 2018 got off to a poor start, but this was attributed to the Chinese New Year effect.
Total sales in January declined 8.4 per cent year-on-year from January 2017, which was when Chinese New Year was celebrated last year, according to the latest data from the Department of Statistics.
Excluding motor vehicles, retail sales still fell 8.1 per cent.
Retail sales dropped 5.4 per cent in January compared to the previous month, due mainly to the large decline in motor vehicle sales. With motor vehicles stripped out, retail sales declined by a smaller 1.5 per cent.
On a year-on-year basis, wearing apparel and footwear sales saw a dive of 17.7 per cent – the biggest drop among the segments. This was due again to the higher sales recorded a year ago when Chinese New Year fell in January 2017.
As a result, food retailers, supermarkets & hypermarkets, department stores and watches & jewellery also saw double-digit declines in January 2018.
Compared to the previous month, motor vehicles fared the worst, plunging 20.9 per cent compared to December 2017. This was followed closely by computer & telecommunications equipment at 20.3 per cent.
Sales of food and beverage services fell 13. 2 per cent year-on-year, again due to to higher sales recorded in January 2017.
However, it also fell 4 per cent compared to December 2017.
The total sales value of food & beverage services in January 2018 was estimated at S$667 million, lower than the S$769 million in January 2017.
Source: http://www.businesstimes.com.sg/government-economy/singapores-retail-sales-drop-84-in-january-on-chinese-new-year-effect