Singapore retail sales slip again
In this article (5)
Singapore retail sales slipped 1 per cent year on year in May, after motor vehicles were excluded from the data. The month-on-month decline was the same.
Statistics Singapore estimated total retail sales in May (including motor vehicles) at $3.7 billion, with online retail sales accounting for 5.3 per cent of that figure.
Year-on-year, furniture and household equipment was the category showing the greatest decline – 7.5 per cent – while sales of computer and telecommunications equipment, of optical goods and books, and by department stores, fell by between 4.7 per cent and 7 per cent.
Categories to improve in May included watches and jewellery, up by 4.1 per cent, partly due to higher demand for gold jewellery during the Akshaya Tritiya festival.
Sales of food and beverage services grew by 2 per cent year on year to n estimated $849 million.
Turnover of restaurants, other eating places (such as cafes) and fast-food outlets increased by between 1.8 per cent and 2.7 per cent in May.
In contrast, sales by food caterers decreased by 1.2 per cent.
Questions & Answers
Q.What was the total value of retail sales in Singapore during May?
What was the total value of retail sales in Singapore during May?
Total retail sales in May were estimated at $3.7 billion, which included motor vehicles. Online sales contributed 5.3 per cent to this overall figure, reflecting a continued digital presence in the retail market.
Q.Which retail categories experienced the most significant declines in May?
Which retail categories experienced the most significant declines in May?
Furniture and household equipment saw the largest decline, down 7.5 per cent year-on-year. Sales of computer and telecommunications equipment, optical goods and books, and department stores also fell significantly, between 4.7 per cent and 7 per cent.
Q.Were there any retail categories that saw an increase in sales during May?
Were there any retail categories that saw an increase in sales during May?
Yes, sales of watches and jewellery increased by 4.1 per cent year-on-year, partly driven by higher demand for gold jewellery during the Akshaya Tritiya festival. Food and beverage services also grew by 2 per cent.
Q.How did the food and beverage sector perform overall in May?
How did the food and beverage sector perform overall in May?
The food and beverage sector grew by 2 per cent year-on-year, reaching an estimated $849 million. While restaurants, cafes, and fast-food outlets saw increases, sales by food caterers experienced a decrease of 1.2 per cent.
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