Singapore's retail sales fell 0.1% in October

Total retail sales are at S$4.0b, with a 13.1% online sales proportion.

Retail sales in Singapore declined by 0.1% year-on-year (YoY) in October 2023, a sharp drop from the 0.8% growth in September 2023.

Excluding sales of motor vehicles, retail sales fell 1.0% YoY in October 2023, compared to the 0.7% increase in September 2023.

On a seasonally adjusted basis, retail sales decreased 0.8% and overall sales excluding motor vehicles fell 1.3% in October 2023, a sharp decline from September 2023.

However, the sales value amounted to S$4.0b, with 13.1% accounting for online retail purchases. Excluding sales of motor vehicles, the value was at S$3.6b, 14.7% of which came from online retail sales.

The online sales proportion per industry is computer and telecommunications equipment (46.7%), furniture items (31.4%), and supermarkets and hypermarket industries (12.7%).

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Within the retail trade sector, the recreational goods sector sees a decline of 8.1%, due to the low demand for sporting goods. Meanwhile, sales of furniture and household items decreased by, 7.5%, and department stores fell to 6.0%.

This is a sharp contrast to food and alcohol (including from duty-free shops) which gained 22.0% yoy, propelled by high demand for alcoholic products. And motor vehicles increased by 8.3%.

Meanwhile, month-on-month performances showed a decline in sales. Purchases of cosmetics, toiletries, and medical goods dropped 5.7%. Computer and telecommunications equipment saw a 4.7% drop, and apparel and footwear fell 4.4%.

This is compared to the sales of watches and jewellery, which grew 8.3%, and food and alcohol, which jumped 3.9%.