Singapore retail sales down in January

Singapore retail sales – after excluding motor vehicles from the data – dropped 2.1 percent year-on-year in January, following the 2.8 percent decrease in December.

According to the Department of Statistics, January retail sales edged up 0.5 percent on a seasonally adjusted basis compared to the previous month.

The estimated total retail sales value was SG$3.7 billion (US$2.75 billion), of which 12.9 percent was online.

There were mixed performances within the retail trade sector, highlighted by an 11.8 percent decline in sales of wearing apparel and footwear. Supermarkets and hypermarkets and recreational goods recorded decreases of 6.5 percent and 4.9 percent, respectively.

Meanwhile, sales of food and alcohol and watches and jewelry increased by 8.5 percent and 5.3 percent, respectively.

Sales of food and beverage services fell 5.6 percent in January, following the 0.4 percent growth in December. The lower sales were partly attributed to the Chinese New Year being celebrated at the end of January 2023 rather than in February this year.

The total sales value of F&B services was estimated at SG$ 942 million (US$700 million), of which 23.1 percent was from online sales.