Singapore Retail Sales Momentum Cooldown in December after November’s Record Highs
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The rate of retail sales growth in Singapore experienced a significant deceleration in December, following an impressive surge in November.
As per the data provided by the Department of Statistics, retail sales, excluding motor vehicles, saw an increase of 1.7 per cent in December. This figure shows a sharp contrast to the revised growth of 5.7 per cent reported in November, the most robust monthly gain of the year.
The projected total retail sales value for December was approximately SG$4.1 billion (US$3.2 billion), with online sales contributing to 17 per cent of this figure.
On a seasonally adjusted basis, December’s retail sales experienced a 6.7 per cent decline when compared to November.
Sector-specific Performance
In terms of year-on-year sales growth, the majority of sectors demonstrated an upward trend in the final month of the year. Leading the pack were recreational goods (13.4 per cent), computer and telecommunications equipment (12.8 per cent), and watches and jewellery (7.1 per cent).
However, some other sectors such as supermarkets, convenience stores, cosmetics, and optical goods and books reported modest increases of less than 5 per cent.
In contrast, petrol service stations faced a harsh 9.1 per cent drop in sales, followed by the food and alcohol sector, which saw a 7.1 per cent dip in sales.
Food and Beverage Services
Despite the overall dip in retail sales, the food and beverage services sector saw a marginal rise of 0.7 per cent in December. This, however, was a downslide from the 2.5 per cent growth the sector had witnessed in November.
Questions & Answers
What was the total projected value for retail sales in Singapore in December?
The total projected retail sales value in Singapore for December was approximately SG$4.1 billion (US$3.2 billion).
Which sectors experienced the most significant growth in December?
The sectors that saw the most significant growth in December were recreational goods, computer and telecommunications equipment, and watches and jewellery.
How did food and beverage services perform in December compared to November?
The food and beverage services sector experienced a slight increase of 0.7 per cent in December, a decrease from the 2.5 per cent growth seen in November.