Retail sales shrink 1% in August

Computers and tech equipment reflected the biggest contraction.

The motor vehicles segment has failed to buoy Singapore's overall retail sales this time as sales index veered off course with a contraction of 1% in August.

Without the still robust motor vehicles, which saw a 30.4% growth in the said month, retail sales would have fallen deeper at 6.5%. This came after retail sales grew 2.8% in July.

According to the latest data from the Department of Statistics, all other segments bled red, with computer and technological equipment leading the declines at 19.6%.

It would seem like Singaporeans are cutting on luxuries in August, as watches and jewelry sales sank 15% and recreational goods takings fell 11.1%.

On a monthly basis, retail sales has dipped 1.1%. Excluding auto sales, retail sales declined 2.1%.

The total retail sales value in August this year was same from the previous year at $3.6 billion.

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