Singapore retail sales up 2.7% YoY in March

The estimated total retail sales value amounted to $3.1b.

The retail sector in Singapore saw a 2.7% year-on-year increase in sales for the month of March, following an 8.6% rise in February.

Excluding motor vehicles, retail sales went up by 2.0%, continuing the trend from February with a 9.5% increase.

However, on a seasonally adjusted basis, retail sales experienced a slight decline of 1.0% compared to the previous month.

The estimated total retail sales value for March amounted to $3.1b (SG$4.2b), with online retail sales contributing 11.7% of this total, surpassing the 10.8% recorded in February.

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The Food & Alcohol industry led the charge with a 17.0% YoY growth. Following closely were the Watches & Jewellery and Motor Vehicles industries, which saw increases of 14.1% and 7.0%, respectively. Conversely, the Computer & Telecommunications Equipment and Mini-marts & Convenience Stores industries experienced declines of 5.1% and 3.7%, respectively.

Moreover, sales of food and beverage services also rose by 5.0% YoY in March, with a total sales value estimated at $727m (SG$982m). On a seasonally adjusted basis, sales of F&B services saw a slight decrease of 3.1% compared to the previous month.

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