Singapore’s retail sales up 1.4% in May, misses forecasts

[SINGAPORE] The Republic’s retail sales grew 1.4 per cent year on year in May, on the back of higher motor vehicle sales, data from the Department of Statistics showed on Friday (Jul 4).

This was below the median estimate of 1.8 per cent growth from private-sector economists polled by Bloomberg.

Excluding motor vehicles, retail sales were flat year on year in May, lower than the 0.8 per cent growth recorded in April.

On a seasonally adjusted monthly basis, retail sales rose 1 per cent in May. Excluding motor vehicles, retail sales fell 0.6 per cent.

Retail sales growth

Year on year: 1.4 per cent

Year on year, excluding motor vehicles: unchanged

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Month on month, seasonally adjusted: 1 per cent

Month on month, seasonally adjusted, excluding motor vehicles: -0.6 per cent

Total retail sales value: S$4.2 billion

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Year on year, sales fell in more than half of the 14 categories:

• Department stores (-3.9 per cent)
• Food and alcohol (-4.5 per cent)
• Wearing apparel and footwear (-5.3 per cent)
• Watches and jewellery (-2.1 per cent)
• Mini marts and convenience stores (-0.1 per cent)
• Petrol service stations (-9.4 per cent)
• Furniture and household equipment (-1.6 per cent)
• Others (-3.5 per cent)

Remaining categories that posted an increase in sales:

• Cosmetics, toiletries and medical goods (2 per cent)
• Recreational goods (7 per cent)
• Optical goods and books (4.5 per cent)
• Supermarkets and hypermarkets (7.2 per cent)
• Motor vehicles (10.4 per cent)
• Computer and telecommunications equipment (9.2 per cent)

Food and beverage services growth

Year on year: 1.4 per cent

Month on month, seasonally adjusted: 1.2 per cent

• Restaurants (-4.2 per cent)
• Fast food outlets (1.3 per cent)
• Food caterers (17.2 per cent)
• Cafes, food courts and other eating places (2.8 per cent)