Photo by Anantachai Saothong on Unsplash

Retail sales growth moderates to 14.8% YoY in June

In May, retail sales grew 17.8% YoY.

Retail sales grew 14.8% YoY in June, moderating from the 17.8% increase in May

Excluding motor vehicles which saw an 11.4% YoY drop in June, total retail sales would have been up by 19.8% 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 June led by Wearing Apparel & Footwear (+92.4% YoY), Department Stores (+57.8% YoY), and Watches and Jewellery (53.6% YoY).

Other industries which posted double-digit increases were 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). 

Computer & Telecommunications Equipment also posted an increase, albeit lower than the other industries (+0.1% YoY).

On the other hand, sales of Supermarkets and Hypermarkets, and Mini-marts and Convenience Stores continued to dip in June by 11.3% YoY and 4.9% YoY, respectively.

Meanwhile, with a lower increase in total retail sales for the month, the sales value dropped to $3.8b from $3.9b in April. Excluding motor vehicles, sales value was at $3.3b, also lower than the May record of $3.5b.

Of the total sales value, 12.7% were from online sales, a higher proportion than May at 12.0%.

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