Singapore retail sales down 0.6% in June

The total estimated retail sales value for June was $3.8b.

Retail sales in Singapore decreased by 0.6% year-on-year in June 2024, reversing the 2.2% growth reported in May 2024. Excluding motor vehicles, retail sales fell by 3.1%, compared to no change in May.

On a seasonally adjusted basis, retail sales dropped 3.7% in June 2024 from the previous month. Excluding motor vehicles, the decline was 2.9%.

The total estimated retail sales value for June 2024 was $3.8b. Of this, online retail sales accounted for 12.1%, up from 11.6% in May. Excluding motor vehicles, the total retail sales value was approximately $3.3b, with online sales comprising 14.1%.

Online retail sales represented 49.0%, 32.7%, and 12.5% of total sales in the computer and telecommunications equipment, furniture and household equipment, and supermarkets and hypermarkets industries, respectively.

The optical goods and books sector experienced a significant 12.5% drop, driven mainly by lower book sales. The wearing apparel and footwear and mini-marts and convenience stores sectors also saw declines of 10.1% and 7.1%, respectively. Conversely, the motor vehicles and food and alcohol sectors reported YoY growths of 19.5% and 5.3%, respectively.

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