Singapore retail sales slip in June

Singapore retail sales – excluding motor vehicles – decreased by 2.7 percent in June, according to Statistics Singapore.

The headline figure, which includes motor vehicles, was down 8.9 percent, reflecting the high volume of cars sold in June last year and a lower COE quota for May to July this year.

Month-on-month, Singapore retail sales were down 0.4 percent, excluding vehicles.

Online accounted for 5.5 percent of the S$3.5 billion in retail spending for June.

Sales of furniture & household equipment declined 15.1 percent year on year, attributed to higher sales in the sector during last year’s Hari Raya festive season. Similarly, the computer & telecommunications equipment and watches & jewelry sectors reported sales down by 7.7 percent and 4.8 percent respectively, driven in part by lower demand for handphones and jewelry.

Sales of medical goods & toiletries and of apparel & footwear both grew by 1.4 percent.

Compared to the same period last year, sales of food & beverage services grew by 5.3 percent in June, estimated at $864 million, compared to $820 million in June last year.

Sales by fast-food outlets grew by 10.6 percent compared to June last year, due partly to the opening of new outlets by some major fast-food chains. Food caterers, restaurants and other eating places (such as cafes)were up by between 3.2 percent and 5.7 percent during the period.