SINGAPORE’S retail sales grew 2.2 per cent on year in October, picking up from the 1.9 per cent growth recorded in the month before, based on Department of Statistics (Singstat) data released on Thursday (Dec 5).
This was as performance was mixed within the sector, with motor vehicles marking the largest jump year on year.
But the reading was slightly lower than the median forecast of 2.4 per cent growth in a Bloomberg poll of private-sector economists.
On a month-on-month, seasonally adjusted basis, retail sales rose 0.1 per cent, slipping from the 0.4 per cent expansion in September.
October’s estimated total retail sales value was S$4.1 billion, with online sales accounting for 12.7 per cent.
Excluding motor vehicles, retail sales expanded 0.3 per cent from the year-ago period, reversing from September’s 1.5 per cent drop.
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It was up more sequentially – growing 1.2 per cent on a seasonally adjusted basis, against the month before’s 0.3 per cent fall.
Year on year, the eight retail sales categories that grew in October were:
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Supermarkets and hypermarkets (3.2 per cent)
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Food and alcohol (5.5 per cent)
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Motor vehicles (18.4 per cent)
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Cosmetics, toiletries and medical goods (3.6 per cent)
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Furniture and household equipment (5.7 per cent)
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Recreational goods (1.4 per cent)
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Watches and jewellery (2.7 per cent)
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Others (8.4 per cent)
Growth in the motor vehicles industry corresponded to a higher Certificate of Entitlement quota, Singstat said.
Meanwhile, the remaining six categories recored declines:
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Department stores (-1.5 per cent)
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Mini-marts and convenience stores (-5.3 per cent)
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Petrol service stations (-5.9 per cent)
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Wearing apparel and footwear (-3 per cent)
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Computer and telecommunications equipment (-10.9 per cent)
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Optical goods and books (-5.8 per cent)
On a month-on-month, seasonally adjusted basis, sales growth was recorded in more than half – nine out of 14 – of the categories above.
Meanwhile, in a separate index, sales of food and beverage (F&B) services climbed 3.9 per cent on year in October, accelerating from the 1.6 per cent increase posted in the preceding month. It was up 1.4 per cent on a monthly, seasonally adjusted basis.
On the year, growth was recorded across most F&B segments:
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Restaurants (4.8 per cent)
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Food caterers (17.2 per cent)
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Cafes, food courts and other eating places (2 per cent)
Singstat said the strong growth in food caterers’ sales was driven by in-flight and event catering sales.
But turnover for fast food outlets shrank, down 1.5 per cent on a yearly basis.
All four categories, however, were up on a seasonally adjusted, month-on-month basis.
Food and beverage services receipts amounted to S$997 million, with online sales accounting for 24.4 per cent.