Retail sales fall 9.4% MoM in January

The January record is a reversal from the 7.7% increase in December.

Retail sales fell 9.4% MoM and 0.8% YoY in January, translating to a sales value of $4.2b.

Of the total sales value, 11.5% was from online sales.

Department of Statistics Singapore (Singstat) attributed the year-on-year decline to lower motor vehicle sales (-23.5% YoY) that corresponded with the lower Certificate of Entitlement (COE) quota. 

Excluding motor vehicles, total retail sales would have been up by 2.1% YoY.

Other industries that saw year-on-year decline in sales were Supermarkets & Hypermarkets (-2.7%), Watches & Jewellery (-5.6%), Mini-marts & Convenience Stores (-7.5%), Petrol Service Stations (-8.8%), and Furniture & Household Equipment (-13.5%)

Department Stores (+11.0% YoY); Cosmetics, Toiletries & Medical Goods (+16.0% YoY); Recreational Goods (+7.8% YoY); Optical Goods & Books (+2.7% YoY); Watches & Jewellery (+19.9% YoY); Furniture & Household Equipment (+11.0% YoY); Mini-marts & Convenience Stores (+1.9% YoY); and Computer & Telecommunications Equipment (+0.3% YoY).

On the other hand, sales of Department Stores (+4.6%), Food & Alcohol  (+36.3%), Cosmetics, Toiletries &  Medical Goods (+5.4%), Recreational Goods (+9.7%), Optical Goods & Books (+4.8%), Wearing Apparel & Footwear (+23.7%), and Computer & Telecommunications Equipment (+6.3%) increased in January.