Singapore’s retail sector experienced continued growth in May, albeit at a slower pace than in April. Statistics from the Department of Statistics indicate that retail sales, excluding motor vehicles, parts, and accessories, rose by 3.7% in May. This increase represents a slight slowdown when compared to April’s 4.5% growth. Nevertheless, this marks the continued progression of the positive trend that started in February.
The total value of retail sales in May was estimated at SG$3.8 billion (US$2.9 billion). Interestingly, online sales made up 17.7% of the total. However, on a seasonally adjusted basis, retail sales decreased by 1.8% compared to the previous month.
Examining the growth by category, recreational goods and watches and jewelry saw the most significant increases, with sales jumping 23.6% and 11.7% year-on-year, respectively. A 9.5% increase in sales was also noted at petrol service stations, primarily due to rising petrol prices.
Other categories that noted sales boosts between 4.5% and 7.7% include cosmetics, optical goods and books, furniture, and telecommunications equipment.
On the other hand, food and alcohol retailers and department stores experienced declines, reporting decreases of 3.7% and 3.3%, respectively. The sector of food and beverage services maintained a steady level in May, showing no significant increase when compared to the 0.1% growth in April.
Which retail categories experienced the most growth in May?
Recreational goods and watches and jewelry saw the most significant growth, with sales increasing by 23.6% and 11.7% year-on-year, respectively.
What percentage of total retail sales were made online?
In May, online sales constituted 17.7% of the total retail sales.
Did all retail categories see an increase in sales?
No, not all categories saw an increase. Food and alcohol retailers and department stores reported declines in sales of 3.7% and 3.3%, respectively.
