Retail sales growth cools in May

Monthly sales fell as consumer purchases eased after April's stronger performance.

Singapore's retail sales rose 3.0% year on year (YoY) in May, slowing from the 5.4% increase recorded in April, according to the Singapore Department of Statistics (SingStat).

Excluding motor vehicles, parts and accessories, retail sales increased 3.7%, easing from 4.5% in the previous month.

On a seasonally adjusted basis, retail sales fell 2.3% from April, whilst sales excluding motor vehicles declined 1.8%.

Total retail sales were estimated at $4.5b in May with online transactions accounting for 15.1% of sales, up from 14.7% in April.

Performance across retail segments was mixed.

Recreational goods recorded the strongest YoY growth at 23.6%, followed by watches and jewellery at 11.7%.

Petrol service stations also posted higher sales, mainly due to higher fuel prices.

Food and alcohol retailers and department stores recorded YoY declines of 3.7% and 3.3%, respectively.

Compared with April, most retail segments posted weaker sales after seasonal adjustment.

Wearing apparel and footwear, motor vehicles, and food and alcohol retailers recorded the largest declines, whilst recreational goods and furniture and household equipment were amongst the few industries to report monthly growth.

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Department of Statistics

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