Taylor Swift's concerts in Singapore could boost March retail sales by up to S$150 million, said UOB economists. — The Straits Times
SINGAPORE: Retail sales in Singapore inched up 1.3% year-on-year in January, compared with a 0.5% dip in December, according to figures released by the Singapore Department of Statistics.
However, excluding motor vehicles, retail sales fell 2.1%, extending a 2.8% decline in December, with half of the industries experiencing a drop in sales.
Compared with December and seasonally adjusted, January’s retail sales fell 0.7%, reversing the previous month’s 0.1% rise.
Sales of motor vehicles rose 37.3% year-on-year in January, corresponding to a higher certificate of entitlement (COE) quota.
Food and alcohol retailers saw their takings grow by 8.5%, while watches and jewellery sales rose 5.3%.
On the other hand, there was an 11.8% decline in sales of wearing apparel and footwear, mainly due to lower demand for clothes. Supermarkets and hypermarkets also saw a decrease in takings, of 6.5%.
January’s total retail sales value came to an estimated US$4.3bil. Online sales accounted for 11.2% of this, lower than December’s 12.8%.
Online retail sales made up 47.1% of the total sales of computer and telecommunications equipment; 30.3% of furniture and household equipment sales; and 11.9% of the total sales for supermarkets and hypermarkets.
Meanwhile, the sales of food and beverage services dropped 5.6% year on year in January, reversing a 0.4% increase in December. — The Straits Times/ANN
