Singapore retail sales up 2% YoY in September

It was largely driven by a surge in motor vehicle sales.

Retail sales in Singapore grew by 2% in September 2024 compared to the same month last year, marking a continued increase following August's 0.7% rise, according to the latest data released by the Singapore Department of Statistics.

The growth was largely driven by a surge in motor vehicle sales, which jumped 29.6% year-on-year, benefiting from an increased Certificate of Entitlement (COE) quota.

Excluding motor vehicle sales, however, the retail sector saw a 1.4% decline in sales, a slight deepening of August’s 1.3% drop.

On a seasonally adjusted basis, retail sales in September increased 0.4% from the previous month, whilst excluding motor vehicles, they slipped by 0.2%.

The total retail sales value reached $4b, with 13.8% of sales from online platforms, up from 12.2% in August. Excluding motor vehicles, retail sales were $3.4b, and 16.2% came from online.

Online sales were highest in computer & telecommunications equipment (51%), furniture & household equipment (33.3%), and supermarkets & hypermarkets (13%).

Year-on-year, most retail industries declined. Sales at wearing apparel & footwear, petrol service stations, and department stores dropped 6.8% to 9.3%, whilst cosmetics, toiletries & medical goods, and furniture & household equipment rose slightly by 2.9% and 2%, respectively.

Month-on-month, motor vehicles, optical goods & books, and department stores saw sales rise by 5%, 3.2%, and 3.1%, whilst food & alcohol and watches & jewellery fell 7.3% and 5.8%.

Motor vehicle sales continue to drive overall retail growth, whilst other segments face ongoing challenges.