The retail sector in Singapore experienced further growth in March, building on the momentum gained in February. The Department of Statistics reports a 3.3% year-on-year increase in retail sales for March, not counting motor vehicles, parts, and accessories. This follows a significant 11.3% surge in February.
The estimated total value of retail sales for the period was SG$3.8 billion (US$2.98 billion), with nearly a fifth (18.9%) coming from online sales. On a seasonally adjusted basis, retail sales also saw a 3.3% increase in March compared to the preceding month.
The growth in March was broad-based, with most sectors recording year-on-year sales growth. Recreational goods led the way with a 13.1% increase, followed by computer and telecommunications equipment, which saw an 11.9% boost, partly attributed to higher mobile phone sales.
Other sectors that experienced single-digit growth include watches and jewelry, apparel and footwear, cosmetics and medical goods, supermarkets, and convenience stores.
However, not all sectors fared well. Sales of food and alcohol saw a 6% drop, department stores reported a 5.7% decrease, and furniture and household equipment sales fell by 1.9%.
Meanwhile, food and beverage services noted a 2.3% rise in sales during March, sustaining the upward trend seen in February.
What was the overall retail sales growth in Singapore in March?
The overall retail sales in Singapore grew by 3.3% year-on-year in March.
Which sectors recorded the highest sales growth in March?
Recreational goods and computer and telecommunications equipment sectors recorded the highest sales growth in March, with an increase of 13.1% and 11.9% respectively.
Did all sectors experience growth in March?
No, sales in the food and alcohol, department store, and furniture and household equipment sectors experienced declines in March.
