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Singapore retail sales increase 1.9% in June

SINGAPORE — Retail sales increased 1.9 per cent touching S$3.7 billion in June this year compared with S$3.6 billion a year ago led by sales of watches and jewellery, and receipts from departmental stores and petrol stations. Excluding motor vehicles, retail sales jumped 4.0 per cent, the Department of Statistics said on Friday (Aug 11).

SINGAPORE — Retail sales increased 1.9 per cent touching S$3.7 billion in June this year compared with S$3.6 billion a year ago led by sales of watches and jewellery, and receipts from departmental stores and petrol stations. Excluding motor vehicles, retail sales jumped 4.0 per cent, the Department of Statistics said on Friday (Aug 11).

On a month-on-month basis, however, seasonally adjusted retail sales decreased 0.5 per cent in June this year over May. Excluding motor vehicles, retail sales increased 0.1 per cent. The decline from May to June was across all segments, with the exception of watches and jewellery, wearing apparel and footwear, and furniture and household equipment.

Attributing the spike in June retail sales to Muslim festivities during the month, CIMB Private Bank economist Song Seng Wun said: “This is evident given the surge in sales of items like watches, jewellery, furniture and household items besides increased spending at departmental stores …The labour market remains soft and continues to impact consumer sentiments. The real push to the retail sector will only come in with the pickup in corporate hiring and wages increase.”  

Retail sales of watches and jewellery increased 12 per cent in June this year versus the same month last year. Likewise, receipts from petrol service stations and department stores, and retails sales of furniture and household equipment, medical goods and toiletries, computer and telecommunications equipment, wearing apparel and footwear, supermarkets, recreational goods and optical goods and books rose between 0.7 per cent and 9.8 per cent over the same period.

Conversely, receipts of food retailers and mini-marts and convenience stores, as well as retail sales of motor vehicles declined between 1.4 per cent and 5.8 per cent in June this year over the same month last year.

Overall, the food and beverage index went up by 1.0 per cent year-on-year and by 2.1 per cent over the previous month. While the turnover of fast food outlets increased 14.6 per cent in June compared with the same period last year, retail sales of food caterers and other eating places rose 4.9 per cent and 1.3 per cent respectively during this period. In contrast, takings at restaurants declined 4.9 per cent on a year-on-year basis.

“Looking ahead, the near-term retail sentiments should hold up amid the Great Singapore Sale and upcoming events like F1. However, the overall retail scene could still be challenged by e-commerce and tight manpower issues,” said Ms Selena Ling, head of Treasury Research and Strategy at OCBC Bank.

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