Singapore retail sales down, but car market exaggerates the decline

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.