Singapore's F&B sales up 2.4% YoY in October

The food and beverage sector is valued at $979m for October 2023.

Sales of food and beverage (F&B) services increased by 2.4% year-on-year (YoY) in October 2023 over the Singaporean market.

According to a report by the Singapore Department of Statistics, the growth in sales extends the 6.9% growth from September 2023, due to the constant F&B demand.

On a seasonally adjusted basis, sales of F&B services dropped 1.4% in October 2023, less than the previous month.

Overall, the sector under F&B services generated an estimated S$979m in total sales value for October 2023, with 23.6% from online sales. The number of online sales is higher than in September 2023 with 23.0%.

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Through a YoY change over October 2023, food caterers gained a 19.9% growth in sales. Likewise, the categories cafes, food courts & other eating places and fast food outlets added 6.2% and 1.1%, respectively. However, sales for restaurants fell 4.7%.

However, under a seasonally adjusted month-on-month basis during October 2023, sales of restaurants and fast food outlets fell 5.2% and 3.5%, respectively. On the flip side, turnover of food caterers and cafes, food courts & other eating places gained 5.4% and 1.5%.