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Financial News: Singapore Retail Sales Growth Slows Further

Singapore Retail Sales Growth Slows Further

01/05/2023 - 02:40:00 (RTTNews)

(RTTNews) - Singapore's retail sales growth continued to ease in November, largely affected by a steep fall in demand for motor vehicles, data from the Department of Statistics showed on Thursday.

Retail sales rose 6.2 percent year-on-year in November, after a 10.3 percent growth in October.

Excluding motor vehicles, retail sales advanced 8.7 percent yearly in November, after a 14.2 percent gain in the preceding month.

Sales of food and alcohol grew the most, by 57.6 percent, in November from a year ago, followed by a 34.1 percent surge in sales of apparel and footwear.

Sales at department stores rose 22.0 percent and those of watches and jewelry went up 15.4 percent.

Sales of recreational goods, and cosmetics, toiletries and medical goods climbed by 16.2 percent and 16.3 percent, respectively.

Meanwhile, motor vehicle sales alone dropped 12.4 percent. Online retail sales were 14.8 percent higher in November from last year.

On a monthly basis, retail sales fell a seasonally adjusted 3.7 percent in November, reversing a 0.1 percent increase in the prior month.

Sales of food & beverage services advanced 24.7 percent year-on-year in November, following a 36.9 percent rise in the prior month.

The overall large growth in F&B sales in November 2022 was mainly attributed to the low base in November 2021, when there were restrictions on dining-in at F&B establishments.

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