Don’t be fooled by mainstream media headlines reporting a rebound in Singapore retail sales.
The 6.1 per cent increase headline year on year increase is almost entirely driven by a near 50 per cent surge in motor vehicle sales.
Core retail sales rose a modest 0.9 per cent in May compared with May 2014, and 1.8 per cent over a lacklustre April.
Sales of food and beverage services decreased marginally by 0.3 per cent month on month and by a whole three per cent year on year.
After seasonal adjustment, retail sales of petrol service stations, cars, medical goods and toiletries, food and beverages, mini-marts and convenience stores, wearing apparel and footwear, watches and jewellery, recreational goods and supermarkets all increased by between one per cent and 8.9 per cent month on month.
Sales of telecommunications devices and computers decreased 10.9 per cent; optical goods and books, furniture and household equipment declined 0.3 to 0.4 per cent.
Department store sales remained steady.
Year on year, medical goods and toiletries sales rose the most at 10.3 per cent.
Department store sales, supermarkets, mini-marts and convenience stores and watches and jewellery posted increases of between 1.3 per cent and 4.9 per cent.
Recreational goods sales declined 16.2 per cent and 11.9 per cent year on year, optical goods and books, telecommunications apparatus and computers, food and beverages, furniture and household equipment and wearing apparel and footwear all declined between 1.1 per cent and 8.3 per cent.
After seasonal adjustment, turnover of fast food outlets and other eating places (such as cafes) decreased 3.6 per cent and 0.1 per cent in May over April. Restaurant turnover was stable.
Compared to May 2014, turnover at restaurants, other eating places and fast food outlets decreased between 0.8 per cent and 5.9 per cent.
