Singapore retail sales slip again
Singapore retail sales slipped 1 per cent year on year in May, after motor vehicles were excluded from the data. The month-on-month decline was the same.
Statistics Singapore estimated total retail sales in May (including motor vehicles) at $3.7 billion, with online retail sales accounting for 5.3 per cent of that figure.
Year-on-year, furniture and household equipment was the category showing the greatest decline – 7.5 per cent – while sales of computer and telecommunications equipment, of optical goods and books, and by department stores, fell by between 4.7 per cent and 7 per cent.
Categories to improve in May included watches and jewellery, up by 4.1 per cent, partly due to higher demand for gold jewellery during the Akshaya Tritiya festival.
Sales of food and beverage services grew by 2 per cent year on year to n estimated $849 million.
Turnover of restaurants, other eating places (such as cafes) and fast-food outlets increased by between 1.8 per cent and 2.7 per cent in May.
In contrast, sales by food caterers decreased by 1.2 per cent.