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Singapore retail sales up 6.2% on the year in November

  • Jan 05, 2023

SINGAPORE’S retail sales rose 6.2 per cent on the year in November, continuing from the previous month’s 10.3 per cent growth, Department of Statistics (Singstat) data showed on Thursday (Jan 5).

On a month-on-month seasonally adjusted basis, retail sales were down 3.7 per cent, reversing from the 0.1 per cent growth charted in October.

November’s estimated total retail sales value was S$4 billion, with online sales accounting for 14.8 per cent. In October, online sales accounted for 13 per cent of total retail sales.

Singstat said: “The higher online retail sales proportion was mainly attributed to more sales recorded during the year-end online shopping events such as Singles’ Day (11.11) and Black Friday.”

Excluding motor vehicles, retail sales expanded by 8.7 per cent from the year-ago period, and fell 4.3 per cent from the previous month, on a seasonally-adjusted basis.

Year on year, most retail sales categories saw growth:

  • Department stores (22 per cent)
  • Food and alcohol (57.6 per cent)
  • Petrol service stations (8.5 per cent)
  • Cosmetics, toiletries and medical goods (16.3 per cent)
  • Wearing apparel and footwear (34.1 per cent)
  • Recreational goods (16.2 per cent)
  • Watches and jewellery (15.4 per cent)
  • Optical goods and books (5.9 per cent)
  • Others (11.1 per cent)

The exceptions to the trend were:

  • Supermarkets and hypermarkets (-5.8 per cent)
  • Mini-marts and convenience stores (-0.1 per cent)
  • Motor vehicles (-12.4 per cent)
  • Furniture and household equipment (-0.7 per cent)
  • Computer and telecommunications equipment (-3.9 per cent)

On a month-on-month seasonally adjusted basis, a majority of retail categories recorded sales declines: department stores (-10.7 per cent); cosmetics, toiletries and medical goods (-2.9 per cent); wearing apparel and footwear (-5 per cent); recreational goods (-4.3 per cent); watches and jewellery (-7 per cent); computer and telecommunications equipment (-19.5 per cent); optical goods and books (-3.5 per cent); and others (-9.7 per cent).

Sales in food and beverage (F&B) services rose by 24.7 per cent year on year, lower than the 36.9 per cent increase in the preceding month. However, it fell 0.1 per cent on a monthly seasonally-adjusted basis, Singstat data showed.

On the year, growth was recorded across all segments due to 2021’s low base:

  • Restaurants (22.9 per cent)
  • Fast food outlets (20 per cent)
  • Food caterers (138.4 per cent)
  • Cafes, food courts and other eating places (14.9 per cent)

On a month-on-month, seasonally adjusted basis, the restaurants and cafes, food courts and other eating places categories declined.

F&B services receipts were S$928 million, with online F&B sales accounting for an estimated 23.3 per cent.

Source: https://www.businesstimes.com.sg/singapore/singapore-retail-sales-62-year-november