Singapore retail sales down, but car market exaggerates the decline
In this article (5)
Singapore retail sales – excluding motor vehicles – slipped by 0.6 percent year-on-year in October. Including vehicles, the headline figure was down 4.3 percent.
Month-on-month, sales declined by 1.5 percent, excluding motor vehicles.
Statistics Singapore estimated the city-state’s retail sales were worth about S$3.6 billion (US$2.7 billion) in October, of which about 6.1 percent were conducted online.
The impact of car sales on the overall figure is clear: that sector declined by 22.7 percent in October, due to reduced government quotas for new vehicle registrations, while the second-worst performing category was furniture and homewares, down by 10.6 percent.
Sales of optical goods and books fell by 2.4 percent, and of recreational goods by 6.9 percent.
Conversely, sales of watches and jewelry industry increased 7.2 percent, largely attributed to higher demand for jewelry. Apparel and footwear sales, and trade at supermarkets, hypermarkets, mini-marts and convenience stores improved by between 1 percent and 4.7 percent.
Food and beverage services
Meanwhile, sales of food and beverage services grew by 4.5 percent year on year.
The total sales value of food & beverage services in October 2019 was estimated at $893 million, compared to $854 million in October last year.
Turnover by fast-food outlets, restaurants and cafes, food courts and ‘other eating places’ increased by between 3.3 percent and 7.9 percent.
In contrast, sales by food caterers decreased by 1.5 percent during the period.
Questions & Answers
Q.What was the total estimated value of retail sales in Singapore for October, and how much of this was from online purchases?
What was the total estimated value of retail sales in Singapore for October, and how much of this was from online purchases?
Statistics Singapore estimated total retail sales for October were about S$3.6 billion (US$2.7 billion). Approximately 6.1 percent of this total value was generated through online transactions during that month.
Q.Which retail categories saw positive growth in October, and which were the top performers?
Which retail categories saw positive growth in October, and which were the top performers?
The watches and jewelry industry saw a significant increase of 7.2 percent, driven by higher demand for jewelry. Apparel and footwear, along with supermarkets, hypermarkets, mini-marts, and convenience stores, also showed improvements ranging from 1 to 4.7 percent.
Q.What was the main reason for the sharp decline in motor vehicle sales in October?
What was the main reason for the sharp decline in motor vehicle sales in October?
The significant 22.7 percent decline in motor vehicle sales for October was primarily due to reduced government quotas for new vehicle registrations. This factor greatly exaggerated the overall retail sales decline.
Q.How did food and beverage services perform in October compared to the previous year?
How did food and beverage services perform in October compared to the previous year?
Sales of food and beverage services grew by 4.5 percent year-on-year in October, reaching an estimated $893 million. Most segments, including fast-food outlets, restaurants, and cafes, saw increases, though food caterers experienced a slight decrease.
Reader pulse
What's the main takeaway for Singapore retail?
16,545 votes so far