Singaporean retail sales rose 10.4 percent October year-on-year, according to Singapore’s Department of Statistic’s latest figures on December 5.
The estimated total retail sales value was SGD 4 billion (USD 2.96 billion) for the month, with online sales accounting for 13 percent.
Excluding motor vehicles, retail sales in Singapore increased by 14.3 percent in October.
The jump in retail sales in October comes after September’s 11.3 percent retail sales growth, totalling SGD 3.8 billion, with online sales accounting for 13.9 percent. Excluding motor vehicles, retail sales lifted 16.9 percent in September.
On a month-on-month seasonally adjusted basis, retail sales were marginally up 0.1 percent, continuing from the 3.2 percent growth clocked in September.
By sector, the apparel and footwear industry in October increased 52.9 percent, just behind food and alcohol sales with a 61 percent rise.
Meanwhile, motor vehicle sales in October fell 15.8 percent compared to that of the same period last year. The sales of food and beverages services grew by 36.9 percent year-on-year in October.
The high growth in sales was attributed to the low base in October 2021 when dining out was restricted due to the Covid-19 pandemic.
“Barring the re-emergence of fresh Covid-19 or other health-related risks in Singapore and around the region (leading to re-imposition of social and travel restrictions, which is not our base case), we continue to project retail sales to expand by 10 percent in 2022 which implies a more moderate forecast of around 6 percent retail sales growth in 4Q22,” said Alvin Liew, senior economist at UOB Group.
“That will help support our projected 2.5 percent year-on-year services growth for 4Q 22. We have conservatively penciled in a 2.3 percent retail sales growth for 2023.”