Singapore retail sales buoyed by Lunar New Year
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Singapore retail sales – excluding motor vehicles – rose 14 per cent in February, reflecting the changed timing of Lunar New Year observation.
Compared with January, they rose 1 per cent.
Statistics Singapore estimated the total value of retail sales in February – including motor vehicles – at S$3.7 billion. Online sales accounted for 3.9 per cent of total retail sales.
Food retailers (excluding supermarkets) recorded the biggest increase by category – up 61.2 per cent as people prepared for celebrating the New Year. Apparel sales rose 42.4 per cent. Sales at supermarkets and department stores rose by an average of 25 per cent.
Meanwhile, sales of food and beverages at cafes and restaurants rose 4.9 per cent year-on-year.
Questions & Answers
Q.What was the total value of retail sales in Singapore during February?
What was the total value of retail sales in Singapore during February?
Statistics Singapore estimated the total value of retail sales, including motor vehicles, to be S$3.7 billion for February. This figure represents the overall spending across various retail sectors in the country.
Q.Which retail category saw the largest increase in sales during February?
Which retail category saw the largest increase in sales during February?
Food retailers, excluding supermarkets, recorded the biggest increase by category, with sales up 61.2 per cent. This rise is attributed to people preparing for Lunar New Year celebrations.
Q.What proportion of total retail sales in February were made online?
What proportion of total retail sales in February were made online?
Online sales accounted for 3.9 per cent of the total retail sales in February. This indicates a relatively small, yet significant, portion of consumer spending occurred through digital platforms.
Q.How did retail sales in February compare to the previous month, January?
How did retail sales in February compare to the previous month, January?
Retail sales, when compared with January, rose by 1 per cent. This shows a slight month-on-month increase in consumer spending after excluding motor vehicles from the data.
Reader pulse
Will this retail growth continue?
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