Singapore’s Retail Sector Sees Robust Growth In July, Led By Tech Industry

In July, the retail sector in Singapore displayed promising growth, with most categories reporting an uptick in sales.

July’s Retail Sales Growth

Singapore’s retail industry experienced an impressive 4.1% increase in July, a significant improvement over June’s modest 0.5% rise, when motor vehicle sales are excluded from the total. The total estimated retail sales value for the month was SG$3.6 billion (US$2.8 billion), with online sales accounting for 15.5% of this figure.

On a seasonally adjusted basis, July’s retail sales figures represented a 3.8% increase from the previous month.

Industries Contributing to Retail Growth

The majority of industries within the retail trade sector contributed to July’s growth. The most substantial improvement was observed in the computer and telecommunications equipment industry, which reported a year-on-year increase in sales of 11.1%.

Sales in the watches and jewellery sector, as well as supermarkets and hypermarkets, rose by 9.6%. Department stores, cosmetics, recreational goods, along with optical goods and books, also experienced sales uplifts, ranging between 4.1% and 8.6%.

However, not all industries enjoyed a rise in sales. Food and alcohol, apparel and footwear, and petrol service stations saw declines in sales of between 2% and 5.6%.

Growth in Food and Beverage Services

The food and beverage services sector also registered growth in July. This sector saw a rise of 1.7% in sales, an improvement over the flat growth reported in June. The total sales value of F&B services was approximately SG$1 billion, with online sales representing 25.9% of this figure.