Singapore retail sales up 12.1% in April as tourists return

SINGAPORE retail sales jumped by 12.1 per cent in April, faster than the growth of 8.8 per cent in the month before, with uplift from tourists’ return as international borders reopened.

On a seasonally adjusted, monthly basis, sales were up by 1.2 per cent to S$3.7 billion, the Department of Statistics (SingStat) said on Friday (Jun 3). Online retail made up 12.5 per cent. Excluding big-ticket motor vehicles sales, retail receipts were up 17.4 per cent year on year in April, and up by 1.7 per cent month on month on a seasonally adjusted basis.

Revenue rose across almost all categories, with SingStat noting “higher demand for bags and footwear, partly boosted by higher tourist spending”. But sales in motor vehicles; mini-marts and convenience stores; and optical goods and books declined. *see amendment note

On a seasonally adjusted, month-on-month basis, the clothes and shoes, food and alcohol and department store segments saw marked double-digit growth, while sales of cosmetics, toiletries and medical goods and computer and telecom gear, among other categories, declined. Food and beverage services saw sales grow by 11.4 per cent year on year, which SingStat attributed to stricter capacity restrictions on dine-in services in the year-ago period. On a monthly, seasonally adjusted basis, takings improved by 5.2 per cent to S$815 million.

The year-on-year growth was seen across all segments of the industry:

• Restaurants (17.2 per cent)
• Fast food outlets (3.3 per cent)
• Caterers (77.7 per cent)
• Cafes, food courts and other eating places (3.3 per cent)

Alvin Liew, senior economist at UOB, said: “We expect that domestic retailers will likely see some support as borders continue to reopen, complementing the recovery in domestic activities.” He continued to forecast full-year retail sales growth of 6.0 per cent in 2022, as risks such as higher inflation could be offset by a regional recovery from Covid-19 and a rise in private spending.

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*Correction note: An earlier version of this article incorrectly stated the changes in individual retail sales categories for March 2022, instead of April 2022.