Singapore retail sales growth eases to 2.7%, far short of 8% forecast

[SINGAPORE] Retail sales in Singapore rose 2.7 per cent year on year in December, missing economists’ forecasts of 8 per cent growth and slowing sharply from November’s 6.2 per cent increase.

Excluding motor vehicles, retail sales grew 1.7 per cent, easing from November’s 5.7 per cent expansion.

On a seasonally adjusted month-on-month basis, retail sales fell 5.4 per cent, a sharper decline than November’s 0.2 per cent contraction.

Excluding motor vehicles, retail sales fell 6.7 per cent on a seasonally adjusted month-on-month basis.

Retail sales growth

Year on year: 2.7 per cent

Year on year, excluding motor vehicles: 1.7 per cent

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Month on month, seasonally adjusted: -5.4 per cent

Month on month, seasonally adjusted, excluding motor vehicles: -6.7 per cent

Total retail sales value: S$4.8 billion

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

• Supermarkets and hypermarkets: 4 per cent
• Minimarts and convenience stores: 4.9 per cent
• Motor vehicles: 10.4 per cent
• Cosmetics, toilertries and medical goods: 0.2 per cent
• Recreational goods: 13.4 per cent
• Watches and jewellery: 7.1 per cent
• Computer and telecommunications equipment: 12.8 per cent
• Optical good and books: 1 per cent

These categories posted a decline:

• Department stores: -1.7 per cent
• Food and alcohol: -7.1 per cent
• Petrol service stations: -9.1 per cent
• Wearing apparel and footwear: -1.8 per cent
• Others: -7.4 per cent

Retail sales was flat for the furniture and household equipment sector.

Food and beverage services growth

Year on year: 0.7 per cent

Month on month, seasonally adjusted: -2.2 per cent

• Restaurants: -3.4 per cent
• Fast food outlets: 3.1 per cent
• Food caterers: 5.4 per cent
• Cafes, food courts and other eating places: 2.4 per cent