Retail sales growth moderates to 13.7% YoY in July
In June, retail sales grew 14.8% YoY.
Retail sales grew 13.7% YoY in July, moderating from the 14.8% increase in June.
Excluding motor vehicles which saw a 13.3% YoY drop in July, total retail sales would have been up by 18.1% YoY, data from the Department of Statistics Singapore (Singstat) showed.
According to Singstat, sales of motor vehicles dropped as the quota for Certificate of Entitlement (COE) for 2022 was lowered.
On the flip side, most industries still recorded a year-on-year increase in July led by Wearing Apparel & Footwear (+68.3% YoY), Food & Alcohol (+53.1% YoY), Department Stores (+42.9% YoY), and Watches and Jewellery (+41.7% YoY).
Other industries which posted double-digit increases were Cosmetics, Toiletries & Medical Goods (+25.5% YoY); Petrol Services (+23.8% YoY); and Recreational Goods (+16.9%)
Food and Alcohol (+47.7% YoY); Petrol Services (+46/2% YoY); Cosmetics, Toiletries & Medical Goods (25.6% YoY); Recreational Goods (+26.7% YoY), Optical Goods & Books (+17.1% YoY).
Furniture & Household Equipment (+9.1 YoY), Optical Goods & Books (+8.4% YoY), and Computer & Telecommunications Equipment (+4.3% YoY) industries also posted an increase, albeit lower than the others.
On the other hand, sales of Supermarkets & Hypermarkets and Mini-marts & Convenience Stores continued to dip in July by 5.8% YoY and 5.3% YoY, respectively.
Whilst a lower increase in total retail sales for the month, the sales value in July of $3.9b was higher than the $3.8b record in June. Excluding motor vehicles, sales value was at $3.4b, also higher than the June record of $3.3b.
Of the total sales value, 12.7% were from online sales.