Singapore retail sales down 2.8% in August 2021
Petrol service stations contributed the most with 23.7% yoy growth.
The Department of Statistics Singapore announced that retail sales saw a 2.8% y-o-y dip for August 2021.
This performance can be mainly attributed to lower motor vehicles with a decrease of 17.5%, in conjunction with the lower COE quota this year.
Sectors that saw a similar dip in sales were Optical Goods & Books and Department Stores at 9.6% and 8.5%, respectively.
Meanwhile, sectors that positively contributed were petrol service stations and watches & jewelry, with 23.7% and 7.9% respectively. This was due to higher petrol prices and an increased demand for watches.
Overall, total retail sales value for August 2021 stands at $3.4b. 14.1% of this comes from online retail sales, an upgrade from the 13.8% recorded in July 2021.
Excluding motor vehicles, this value equates to $2.9b, with ontine retail sales making up 16.4%. Computer & Telecommunications Equipment, Furniture & Household Equipment and Supermarkets & Hypermarkets industries contributed the most with 56.5%, 31.5% and 14% respectively.