Circuit-breaker low base and return to office work to spur Singapore retail rebound

RETAIL sales were back in the black in February, on consumer cheer from the Chinese New Year festive season, Department of Statistics (SingStat) data showed on Monday.

Singapore retail is now on track to return to full-year growth in 2021, after posting annual declines since 2018. In the wake of the month's momentum, industry observers pointed to both the low base in the coming months, and relaxation of Covid-19 controls, as drivers for the sector.

Retail sales grew by 5.2 per cent year on year in February, against a decline of 6.1 per cent in January. Overall sales volume came to S$3.3 billion, with 10.1 per cent from online sales. Excluding motor vehicles, retail sales grew by 7.7 per cent year on year, as auto sales shed 9.1 per cent.