Retail sales drop 2.5% MoM in January
Twelve of 14 industries also posted a decline in their respective sales.
Retail sales dropped 2.5% month-on-month (MoM) in January, with a lower sales value of $4.2b, data from the Department of Statistics Singapore showed.
In December 2021, the total retail sales value was $4.4b.
Excluding motor vehicles, retail sales dropped 2.1% to $3.7b from $3.9b in December.
Almost all retail industries likewise posted declines in their respective sales in January 2022, led by Food and Alcohol which saw a 17.8% MoM decrease, and followed by mini-marts and convenience stores and motor vehicles which both posed a 5.3% MoM drop.
Other industries which posted declines in sales were supermarkets and hypermarkets (-3.8% MoM); cosmetics, toiletries and medical goods (-3.2% MoM); wearing apparel and footwear (-2.7% MoM); Computer & Telecommunications Equipment (-1.1% MoM); Petrol Service Stations (-1.0% MoM); department stores (-0.6% MoM); optical goods and books (-0.6% MoM); others (-0.5% MoM); and watches and jewellry (-0.1% MoM).
On the other hand, sales of recreational goods increased 2.9% MoM, while furniture and household equipment were able to maintain in its sales (0.0%).
When compared to a year ago, however, the sales of all retail industries grew. Total retail sales likewise increased by 11.8% year-on-year (YoY).
The DOS attributed the YoY increase to the “increased spending prior to Chinese New Year (CNY) which was in early February in 2022,” adding that pre-CNY spending in 2021 was done mainly in February as the celebration was in mid-February last year