Singapore retail sales up 4.5% in January, swinging from year-end decline

SINGAPORE’S retail sales rose 4.5 per cent year on year in January, swinging from the year-end decline in the lead up to Chinese New Year, data from the Singapore Department of Statistics (SingStat) showed on Wednesday (Mar 5).

This was a better-than-expected improvement; private-sector economists polled by Bloomberg had expected a 2.1 per cent increase.

Excluding motor vehicles, retail sales went up 4.8 per cent year on year, compared with a decrease of 4 per cent in December.

SingStat noted that the improvement in overall retail sales was partly due to Chinese New Year being celebrated in January this year. In December, retail sales fell 2.9 per cent year on year.

Retail sales growth

Year on year: 4.5 per cent

Year on year, excluding motor vehicles: 4.8 per cent

BT in your inbox

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign Up

Sign Up

Month on month: seasonally adjusted: 2.4 per cent

Month on month, seasonally adjusted, excluding motor vehicles: 2.6 per cent

Total retail sales value: S$4.5 billion

SEE ALSO

Singapore retail sales extend decline for second straight month, dip 2.9% in December

Year on year, sales grew in over half the categories:

• Department stores (2 per cent)
• Supermarkets and hypermarkets (11 per cent)
• Food and alcohol (11.6 per cent)
• Motor vehicles (2 per cent)
• Cosmetics, toiletries and medical goods (11.2 per cent)
• Wearing apparel and footwear (7.3 per cent)
• Watches and jewellery (16.3 per cent)
• Optical goods and books (0.1 per cent)

Other categories posted a decline:

• Mini-marts and convenience stores (-0.8 per cent)
• Petrol service stations (-5.4 per cent)
• Furniture and household equipment (-2 per cent)
• Recreational goods (-2.4 per cent)
• Computer and telecommunications equipment (-4.4 per cent)
• Others (-10.7 per cent)

Food and beverage services growth

Year-on-year: 10.4 per cent

Month-on-month, seasonally adjusted: 4.9 per cent

• Restaurants (17.7 per cent)
• Fast food outlets (11.2 per cent)
• Food caterers (31.8 per cent)
• Cafes, food courts and others (-2.2 per cent)