Singapore retail sales plunge due to Chinese New Year
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Singapore retail sales plummeted 10 per cent year on year in February – but the sudden drop was largely due to the timing of Chinese New Year celebrations.
After excluding motor vehicles from the figures, sales dropped by a slightly higher 10.7 per cent.
Chinese New Year fell in the middle of the month last year, and early in the month this year, resulting in a shifting of some seasonal spending back into January this time around. Figures combining January and February sales in both comparable periods were not released.
According to Statistics Singapore, sectors such as food retailers, apparel & footwear, supermarkets & hypermarkets, department stores, furniture & household goods, and medical goods & toiletries registered declines in retail sales of between 10.4 per cent and 24.8 per cent this year.
Sales of watches & jewellery, optical goods, and books fell by between 7.2 per cent and 9.2 per cent.
Statistics Singapore estimated total retail sales in February this year at $3.3 billion, with online retail sales comprising about 5 per cent of those.
Sales of food & beverage services decreased 2.3 per cent year on year. The total sales value of food & beverage services in February was estimated at $855 million, compared to $875 million in February last year.
Questions & Answers
Q.What was the estimated total value of retail sales in Singapore for February this year?
What was the estimated total value of retail sales in Singapore for February this year?
Statistics Singapore estimated total retail sales in February this year at $3.3 billion. Approximately 5 per cent of this figure comprised online retail sales.
Q.Which retail sectors experienced the largest declines in sales in February?
Which retail sectors experienced the largest declines in sales in February?
Sectors such as apparel & footwear, supermarkets & hypermarkets, and department stores registered declines in retail sales of between 10.4 per cent and 24.8 per cent this year.
Q.Why was the Chinese New Year timing identified as a cause for the sudden drop in February sales?
Why was the Chinese New Year timing identified as a cause for the sudden drop in February sales?
Chinese New Year fell early in the month this year, but in the middle of the month last year. This shifted some seasonal spending into January for this period.
Q.How did the sales of motor vehicles affect the overall retail sales figures for February?
How did the sales of motor vehicles affect the overall retail sales figures for February?
Overall sales dropped 10 per cent year on year. After excluding motor vehicles from the figures, the drop in sales was slightly higher at 10.7 per cent.
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