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Singapore retail sales down 3.4% ending 5-month growth streak
SINGAPORE’s retail sales fell 3.4 per cent year on year in February, reversing from last month’s 12 per cent increase and snapping a 5-month growth streak.
The decline in February was attributed partly to lower sales compared to a year ago when sales were boosted by pre-Chinese New Year (CNY) spending, said the Department of Statistics (SingStat) on Tuesday (Apr 5). This year’s pre-CNY spending took place mostly in January.
On a month-on-month seasonally-adjusted basis, total retail sales were down 1.2 per cent. The total retail sales value was at S$3.2 billion, with online sales accounting for 13.6 per cent.
Most retail segments declined in February, except for cosmetics, toiletries and medical goods; watches and jewllery; petrol service stations; furniture and household goods; and others.
On a month-on-month seasonally-adjusted basis, most industries recorded declines in sales in February.
Food and beverage services similarly saw sales fall 0.6 per cent year on year and declined 5.7 per cent on a monthly seasonally-adjusted basis, though most segments recorded growth.
- Restaurants (-5.7 per cent)
- Fast food outlets (0.9 per cent)
- Food caterers (26.3 per cent)
- Cafes, food courts and other eating places (1.4 per cent)
Source: https://www.businesstimes.com.sg/government-economy/singapore-retail-sales-down-34-ending-5-month-growth-streak