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Singapore retail sales grow 13.7% in July, extending June growth
SINGAPORE’S retail sales grew 13.7 per cent year on year in July, extending the 14.9 per cent increase seen in the month before.
On a month-on-month seasonally adjusted basis, retail sales were also up by 0.6 per cent, said the Department of Statistics (Singstat) on Monday (Sep 5).
Excluding motor vehicles, retail sales expanded by 18.1 per cent year on year, and 0.5 per cent from the previous month on a seasonally adjusted basis.
On the whole, the estimated retail sales value in July was S$3.9 billion, of which 12.7 per cent came from online retail sales, similar to the proportion recorded in June.
Sales rose year on year across almost all categories. The exceptions were motor vehicles (-13.3 per cent), supermarkets and hypermarkets (-5.8 per cent) and mini-marts and convenience stores industries (-5.3 per cent).
The decline in sales of motor vehicles corresponded to the lower Certificate of Entitlement quota this year, Singstat said. Supermarkets and hypermarkets, as well as mini-marts and convenience stores, saw a fall in sales compared to a year ago because more people had stayed home during the Heightened Alert period in July 2021, leading to a higher demand for groceries.
The wearing apparel and footwear industry recorded the highest year-on-year increase in sales at 68.3 per cent, partly attributed to higher demand for bags and footwear. Food and alcohol (53.1 per cent) and department stores and watches and jewellery (41.7 per cent) were the next highest categories in terms of growth.
On a seasonally adjusted, month-on-month basis, most retail categories recorded sales growth; the exceptions were the department stores, recreational goods, optical goods and books, and petrol service stations categories, which declined, while sales of wearing apparel and footwear were flat on the month.
Meanwhile, food and beverage (F&B) services saw sales swell by 41.9 per cent from the previous year, extending the 59.1 per cent growth registered in June. Total F&B services receipts were S$939 million, with online F&B sales accounting for an estimated 26.2 per cent, compared to 25.5 per cent in June.
Said SingStat: “The significant growth in F&B sales in July 2022 was mainly attributed to the low base in July 2021, when restrictions on dining-in at F&B establishments were in place, as part of the Heightened Alert measures.”
All F&B services industries saw year-on-year sales growth:
- Restaurants (76.8 per cent)
- Fast food outlets (11.5 per cent)
- Food caterers (133 per cent)
- Cafes, food courts and other eating places (22.1 per cent)
On a seasonally adjusted, monthly basis F&B receipts came in “marginally” higher by 0.1 per cent. Turnover of food caterers and fast food outlets increased 12.2 per cent and 0.1 per cent respectively in July 2022. But sales of restaurants fell 1.4 per cent, while sales of cafes, food courts and other eating places declined 0.6 per cent.
Source: https://www.businesstimes.com.sg/government-economy/singapore-retail-sales-grow-137-in-july-extending-june-growth