Yahoo Finance Singapore's retail sales up by 7.4% y-o-y to $4.7 bil in December 2022
Excluding motor vehicles, Singapore’s retail sales grew by 9.5% y-o-y to $4.3 billion.
Singapore’s retail sales grew by 7.4% y-o-y to $4.7 billion in December 2022, extending the growths seen in October and November 2022.
Excluding motor vehicles, Singapore’s retail sales grew by 9.5% y-o-y to $4.3 billion.
Of the total amount, 12.9% of the sales were made online. The dip was attributed to the higher sales from the shopping events in November. Computer & telecommunications equipment made up the bulk of online purchases at 47.4%, while furniture & household equipment came in second at 30.0%. Supermarkets and hypermarkets rounded up the top three online purchases at 13.2%.
Excluding motor vehicles, a proportion of online sales stood at 14.2%.
Within the retail trade sector, most industries logged y-o-y growths. This was led by food and alcohol, which grew by 37.4% y-o-y due to higher demand for alcoholic products. Wearing apparel & footwear came in next with a growth of 23.0% y-o-y due to higher demand for bags and footwear. Watches & jewellery rounded up the top three highest growing industries at 19.9% y-o-y.
In contrast, sales of motor vehicles fell by 10.3% y-o-y, extending the decline from November. This is said to be in line with the lower Certificate of Entitlement (COE) quota in 2022. Petrol service stations and supermarkets & hypermarkets also saw declines at 6.8% and 2.2% y-o-y.
On a m-o-m seasonally adjusted basis, total retail sales grew by 1.3%. Excluding motor vehicles, Singapore’s total retail sales grew by 1.0% m-o-m.
Food and beverage (F&B) sales rose by 13.9% y-o-y and 0.1% m-o-m in December. Of the $1.0 billion in total sales value, 22.8% of the sales were made online.
All industries recorded y-o-y increases in sales, led by food caterers, which saw a surge of 115.8% y-o-y in sales.
Meanwhile, food caterers and fast food outlets saw decreases of 0.9% and 3.3% on a m-o-m basis while the rest of the industries registered m-o-m growths.
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