,Singapore

Singapore's retail sales rise 25.8% in June

This is attributed to the low base in June 2020 when physical stores were closed. 

An estimated $3.3b in retail sales at a 25.8% year-on-year (YoY) increase was reported by the Department of Statistics for the period of June 2020 to 2021. 

For OCBC’s Head of Treasury Research and Strategy Selena Ling said this can be seen as an effect of the various lockdown measures. 

Whilst this is a moderation from May’s 79.7% YoY print, it fared better than the 6.8% month-on-month (MoM) decline seen previously. This monthly volatility is par for the course given the timing of the low base effects during the Circuit Breaker period last year when retail shops were closed until 18 June 2020, as well as the transition from Phase 2 (Heightened Alert) which lasted from 16 May to 13 June 2021 before moving to Phase 3 (HA). Excluding auto vehicles, retail sales also rose 19.0% YoY (0.4% MoM), suggesting that consumer sentiments and hence spending did improve slightly compared to May 2021.”

UOB’s Barnabas Gan, meanwhile, recognized this as a part of an ongoing period of growth for the industry. 

“Singapore’s retail sales continued to expand by 25.8% YoY in June 2021, marking the fifth straight month of growth. This compares with the record growth of 79.9% YoY in May 2021. On a MoM seasonally adjusted basis, retail sales rose 1.8% in June 2021. Excluding motor vehicles, retail sales grew by 19.0% YoY in the same period. Accounting for the latest data, Singapore’s retail sales surged 20.1% in the first half of 2021.”  

“The expansion in June’s retail sales is encouraging especially for several reasons. First, the double-digit growth in retail sales was seen despite improving retail sales momentum the same period last year when Singapore exited the circuit breaker on 1 June 2020. Second, the MoM growth in retail sales in June 2021 was observed notwithstanding the implementation of Phase 2 (HA)1 and Phase 3 (HA)2.”

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