Chinese New Year Sparks Stellar 11.2% Surge in Singapore’s Retail Sales

In February, retail sales in Singapore experienced a significant surge, partially attributed to the shifting timing of the Chinese New Year. According to data released by Singapore’s Department of Statistics, retail sales, excluding automobiles and related parts and accessories, skyrocketed by 11.2% in February. This marked a turnaround from a decrease of 2.9% in January.

Details of Retail Growth

The estimated total retail sales for February amounted to SG$3.6 billion (US$2.8 billion), with online sales accounting for 16.2% of the total. The significant growth seen in February was partially due to the Chinese New Year falling in February this year, compared to January the previous year.

For the combined period of January and February, retail sales increased by 3.5% year-on-year.

Sectoral Growth Patterns

Most sectors reported year-on-year growth in February’s sales. Supermarkets and hypermarkets led the surge with a growth of 29.3%, followed by recreational goods which saw an increase of 26%. Department stores reported a rise of 16.8% in sales, while the food and alcohol, cosmetics, and watches and jewelry sectors each saw an approximate increase of 13%.

However, not all sectors experienced growth. The petrol service stations and mini-marts and convenience stores sectors faced declines of 9.8% and 6.1% respectively.

The food and beverage services sector saw a rise in sales of 5.5% in February, marking a recovery from the 3.2% decline recorded in January.

Questions & Answers

What were the estimated total retail sales for Singapore in February?
The estimated total retail sales for Singapore in February were SG$3.6 billion (US$2.8 billion).

What percentage of February’s retail sales were from online?
Online sales made up 16.2% of the total retail sales in February.

Which sectors saw the most significant growth in February?
Supermarkets and hypermarkets experienced the most significant growth with a rise of 29.3%, closely followed by recreational goods with a 26% increase.