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Singapore retail sales notch record 52.1% drop in May on ‘circuit-breaker’ fallout
SINGAPORE retail sales plummeted by a record degree in May, as the second month of the national “circuit breaker” extended the sector’s losses.
The 52.1 per cent slide in receipts was worse than April’s 40.3 per cent plunge, and marks the worst decline since data was compiled in 1986, said the Department of Statistics (SingStat).
Till takings were worth S$1.8 billion in all, according to SingStat data released on Friday. Some 24.5 per cent of sales were online transactions, up from 17.8 per cent in April.
Even when big-ticket motor vehicle purchases were excluded, the fall in retail sales was 45.2 per cent. The declines were “due to circuit-breaker measures in May”, SingStat said in its statement, making a declaration that was not seen in the earlier data for April.
On a seasonally adjusted, monthly basis, overall retail sales fell by 21.5 per cent, or by 20.1 per cent when motor vehicles were excluded.
Singapore retail sales, which have already been in contraction since February 2019, recently suffered a deeper blow with the emergence of the deadly novel coronavirus.
Shops deemed non-essential were shuttered during the “circuit breaker”, or quasi-lockdown, in April and May. Meanwhile, eateries could operate only delivery and takeaway services.
As such, food and beverage services sales dropped by 50.1 per cent in May, against 52.7 per cent in April. The decline was felt across the board, with restaurants the worst hit at a 68.7 per cent sales drop and fast food outlets holding up best with a 20.5 per cent decrease.
Food and beverage receipts came up to S$$430 million in all, while 44.6 per cent of sales were online, compared with 39.2 per cent in the month before.
On a month-on-month, seasonally adjusted basis, takings picked up by 4.1 per cent in May.
Source: https://www.businesstimes.com.sg/government-economy/singapore-retail-sales-notch-record-521-drop-in-may-on-circuit-breaker-fallout