Singapore’s Retail Sector Sustains Growth in September, Led by Watch and Jewellery Sales Surge

In September, retail sales in Singapore continued their upward trajectory, albeit at a slower pace than in August.

Overview of Retail Sales

Singapore’s retail sales, excluding motor vehicles, witnessed a 2% growth in September. This figure is slightly lower than the revised 4.7% increase recorded in August. The total retail sales value for the month was estimated at SG$3.5 billion (US$2.67 billion), with online sales accounting for 17.6% of this value.

However, when adjusted for seasonal factors, there was a 2.3% decrease in retail sales in September compared to August.

Sector-wise Breakdown

The growth in retail sales was majorly driven by the watches and jewellery sector, which saw a year-on-year increase of 16.6%, largely due to increased jewellery sales.

Next in line was the recreational goods sector, which exhibited an 11% rise in sales, followed by supermarkets and hypermarkets with a 5.1% increment.

In stark contrast, both petrol service stations and retailers of apparel and footwear experienced a decline in sales by 8% and 3.6% respectively.

Food and Beverage Services Sales

Sales in the food and beverage services sector also declined, registering a 1.6% drop, a more significant decrease compared to the 0.2% drop in the previous month. This downturn was primarily attributed to the underperformance of the restaurant sector. The total sales value for the F&B services sector was estimated at SG$966 million, with online sales constituting 26.3% of this value.