Singapore retail sales and Lunar New Year
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Singapore retail sales fell in January, however there is little to read from the figures.
The decline – of 8.1 per cent (excluding motor vehicles) – is totally attributable to the timing of Lunar New Year which fell in February this year and January last year, making year-on-year comparisons meaningless.
However, month-on-month sales fell a mere 1.5 per cent which suggests a solid January given the strength of Christmas trade in December.
Statistics Singapore estimates the total value of retail sales in January at S$3.9 billion, compared with $4.3 billion in January last year. It estimated online retail sales accounted for 4.1 per cent of total sales in the city state.
The only categories to register a rise in sales year-on-year were furniture and household equipment and optical goods and books, which rose 3.1 per cent and 7.8 per cent, respectively.
Seasonally adjusted sales of food and beverage services fell 4 per cent in January over December, and 13.2 per cent over January last year, again reflecting the timing of Lunar New Year.
Questions & Answers
Q.Why did Singapore's retail sales fall in January?
Why did Singapore's retail sales fall in January?
The decline in January's retail sales is attributed entirely to the timing of Lunar New Year. This year it fell in February, whereas last year it was in January, making year-on-year comparisons unhelpful.
Q.What was the total value of retail sales in January?
What was the total value of retail sales in January?
Statistics Singapore estimated the total value of retail sales in January to be S$3.9 billion. This compares to S$4.3 billion recorded in January of the previous year.
Q.Which retail categories saw an increase in sales year-on-year?
Which retail categories saw an increase in sales year-on-year?
Only two categories registered a rise in sales compared to the previous year. Furniture and household equipment increased by 3.1 per cent, and optical goods and books rose by 7.8 per cent.