Singapore retail sales up 2.3% in June, beating expectations

[SINGAPORE] Retail sales grew 2.3 per cent year on year in June, on broad-based increases across industries, data from the Department of Statistics showed on Tuesday (Aug 5).

This was above the median estimate of 2 per cent growth from private-sector economists polled by Bloomberg.

Excluding motor vehicles, retail sales increased 0.4 per cent year on year in June, higher than the flat growth recorded in the previous month.

However, on a seasonally adjusted monthly basis, retail sales fell 1.2 per cent. Excluding motor vehicles, retail sales fell 1.4 per cent.

Retail sales growth

Year on year: 2.3 per cent

Year on year, excluding motor vehicles: 0.4 per cent

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Month on month, seasonally adjusted: -1.2 per cent

Month on month, seasonally adjusted, excluding motor vehicles: -1.4 per cent

Total retail sales value: S$4 billion

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

• Supermarkets and hypermarkets: 1.3 per cent
• Motor vehicles: 14.6 per cent
• Cosmetics, toiletries and medical goods: 4.8 per cent
• Furniture and household equipment: 1.3 per cent
• Recreational goods: 5.6 per cent
• Watches and jewellery: 5.5 per cent
• Computer and telecommunications equipment: 7.3 per cent
• Optical goods and books: 5.9 per cent

Remaining categories that posted a decrease in sales:

• Department stores: -0.2 per cent
• Mini-marts and convenience stores: -2.6 per cent
• Food and alcohol: -5.2 per cent
• Petrol service stations: -5.9 per cent
• Wearing apparel and footwear: -2.6 per cent
• Others: -10.2 per cent

Food and beverage services growth

Year on year: 0.1 per cent

Month on month, seasonally adjusted: -1.5 per cent

• Restaurants: -5.6 per cent
• Fast food outlets: 2.3 per cent
• Food caterers: 18.5 per cent
• Cafes, food courts and other eating places: -0.1 per cent