Retail sales growth moderates to 13.0% YoY in August
In July, retail sales grew 13.9% YoY.
Retail sales grew 13.0% YoY in August, moderating from the 13.9% increase in July. This translates to a sales value of $3.8b.
Of the total sales value, 12.5% were from online sales.
Excluding motor vehicles which saw a 7.9% YoY drop in August, total retail sales would have been up by 16.2% YoY, data from the Department of Statistics Singapore (Singstat) showed.
Singstat attributed the year-on-year increase in retail sales to larger growths in industries such as Wearing Apparel & Footwear (+64.7% YoY), Food & Alcohol (+48.5% YoY), and Department Stores (+42.8 YoY).
Other industries which posted double-digit increases were Cosmetics, Toiletries & Medical Goods (+24.6% YoY); Petrol Services (+16.3% YoY); Recreational Goods (+10.6%); Cosmetics, Toiletries & Medical Goods (+24.6% YoY); , Optical Goods & Books (+12.4% YoY); Watches & Jewellery (+31.2% YoY); Furniture & Household Equipment (+8.5 YoY); Computer & Telecommunications Equipment (+4.6% YoY).
On the other hand, sales of Supermarkets & Hypermarkets and Mini-marts & Convenience Stores continued to dip in August by 6.3% YoY and 3.9% YoY, respectively.