Singapore Retail Sales Grow 14.8% in June From Low Base in 2021, but Slower Than Previous Month

businesstimes2022-08-05

SINGAPORE’S retail sales grew at a slower pace in June, but still logged a double-digit increase owing to the low base last year.Total retail sales expanded 14.8 per cent year on year, easing from the...

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This was higher than the 11.7 per cent recorded in May.Most retail categories saw year-on-year growth in sales, with the wearing apparel and footwear industry registering the highest growth at 92.4 per cent year on year, although it saw a 3.4 per cent sequential decline.This was followed by department stores, which saw sales grow 57.8 per cent year on year but logged a 0.8 per cent month-on-month decrease. Sales of watches and jewellery rose 53.6 per cent year on year while sequential growth was flat.SingStat noted that the growth in discretionary industries was due to the low base in June 2021, when tourist spending was lower as a result of international travel restrictions.Petrol service stations saw a 46.2 per cent year on year increase in sales and 3.6 per cent month-on-month increase - one of the rare industries that saw growth for both indicators in June.The auto industry was the biggest loser, as sales of motor vehicles fell 11.4 per cent year on year, corresponding with the lower Certificate of Entitlement quota this year. Sequentially however, sales rose 3.6 per cent.Supermarkets and hypermarkets were next on the list, with sales falling 11.3 per cent year on year and 1.6 per cent month on month. Minimarts and convenience stores also took a hit with a 4.9 per cent year-on-year and 1.2 per cent sequential decrease in sales.This was likely due to the higher demand for groceries in June 2021 as more people stayed home during the Heightened Alert period, SingStat noted.Meanwhile, sales of food and beverage services jumped 59.1 per cent year on year in June, again due to the low base last year, extending the 40.1 per cent growth from the previous month.Restaurants saw sales surge 143.7 per cent year on year, although sales declined 5.9 per cent on a month-on-month basis.Food caterers also saw turnover jump 109.7 per cent year on year due to higher demand for both event and in-flight catering as restrictions on large-scale events and international travel ease. Sequentially, sales also grew 8.6 per cent.Cafes, food courts and other eating places saw sales grow 30.1 per cent year on year, while fast food outlets clocked an increase of 11.3 per cent. Month on month, both industries saw sales grow 2.7 per cent.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":63,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1189507071"}