Jewellery Demand Sparkles in Singapore, Driving Retail Sales Growth
In this article (5)
In recent data from Singapore’s Department of Statistics, there has been a resurgence of retail sales growth in October, rebounding from a deceleration experienced in the prior month.
Retail Sales Overview
Retail sales, with the exclusion of motor vehicles, witnessed a 3.7% rise in October. This rate is notably quicker than the revised growth of 1.8% seen in September, yet it lags behind the 4.7% increase witnessed in August.
The estimated worth of these retail sales was approximately SG$3.8 billion (US$2.9 billion), with online channels contributing to 16.8% of this total revenue.
Industry Growth
A majority of the sectors reported an annual growth in their sales for this month. The watches and jewellery sector retained its position at the top for the third consecutive month. Sales in this sector surged by 25%, largely credited to a spike in jewellery sales.
Recreational goods saw the second-highest increase at 20.4%, followed by optical goods and books, and cosmetics, toiletries, and medical goods, both of which reported a 6.9% increase.
Declining Sectors
On the other end of the spectrum, petrol service stations experienced a 17.4% decrease in sales. This was followed by wearing apparel and footwear, which fell by 3.7%, and food and alcohol sales, which fell by 2.5%.
Food and Beverage Services
On a brighter note, the sales of food and beverage services in October saw a 2.4% increase, amounting to $1 billion. This contrasts with the 1.6% decline that was recorded in September.
Questions & Answers
Which sector had the highest growth in sales?
The watches and jewellery sector saw the highest growth, with sales up 25%, largely due to higher jewellery sales.
What was the estimated worth of retail sales in October?
The estimated worth of retail sales for October was approximately SG$3.8 billion (US$2.9 billion).
Which sectors saw a decrease in sales?
Petrol service stations reported a 17.4% sales drop, while wearing apparel and footwear dropped by 3.7%, and food and alcohol sales decreased by 2.5%.