Singapore’s Retail Sector Sustains Growth in September, Led by Watch and Jewellery Sales Surge
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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.
Questions & Answers
What was the percentage increase in Singapore’s retail sales for September?
The retail sales in Singapore saw a 2% increase in September.
Which sector led the sales growth in September?
The watches and jewellery sector led the sales growth in September with a 16.6% increase year-on-year.
Did all sectors see an increase in sales?
No, the sales of petrol service stations and retailers of apparel and footwear saw a decline, as did the food and beverage services sector.