Singapore retail sales growth accelerates to 1.7% in September, but misses median forecast

[SINGAPORE] Retail sales picked up to grow 1.7 per cent year on year in September, from August’s upwardly revised 0.8 per cent expansion, but came in under private-sector economists’ consensus estimates, data from the Singapore Department of Statistics showed on Thursday (Nov 5). 

According to a Bloomberg poll, economists forecast a median 2.2 per cent rise. 

Year on year, most retail sectors recorded growth in sales. The increase was led by computer and telecommunications equipment, followed by petrol service stations. 

Excluding motor vehicles, parts and accessories, retail sales increased 2.5 per cent, up from the 1.7 per cent growth recorded in August.

On a seasonally adjusted, month-on-month basis, retail sales slid 1 per cent in September, extending August’s 0.9 per cent fall.

Excluding motor vehicles, parts and accessories, retail sales declined 1.8 per cent on the month, compared with a 0.6 per cent rise previously.

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Key figures

• Year on year: 1.7 per cent
• Year on year, excluding motor vehicles, parts and accessories: 2.5 per cent
• Month on month, seasonally adjusted: -1 per cent
• Month on month, seasonally adjusted, excluding motor vehicles, parts and accessories: -1.8 per cent
• Total retail sales value: S$4.3 billion

Year on year, sales grew in just six of the 14 categories:

• Supermarkets and hypermarkets: 2.2 per cent
• Petrol service stations: 6.5 per cent
• Cosmetics, toiletries and medical goods: 6 per cent
• Furniture and household equipment: 5.3 per cent
• Computer and telecommunications equipment: 16.5 per cent
• Others: 3.3 per cent

These remaining categories reported declines:

• Department stores: -3.4 per cent
• Mini-marts and convenience stores: -5.6 per cent
• Food and alcohol: -0.2 per cent
• Motor vehicles, parts and accessories: -2.4 per cent
• Wearing apparel and footwear: -1.5 per cent
• Recreational goods: -0.1 per cent
• Watches and jewellery: -1.5 per cent
• Optical goods and books: -2.5 per cent

F&B services diverge

• Year on year: 1 per cent
• Month on month, seasonally adjusted: 0.8 per cent

Segments within the F&B sector posted mixed performances year on year:

• Restaurants: 2.6 per cent
• Fast-food outlets: 7.6 per cent
• Food caterers: -0.2 per cent
• Cafes: 0.1 per cent
• Food courts and other eating places: -4.2 per cent