Singapore retail sales impacted by Lunar New Year timing

Singapore retail sales fell in January, however there is little to read from the figures.

The decline – of 8.1 per cent (excluding motor vehicles) – is totally attributable to the timing of Lunar New Year which fell in February this year and January last year, making year-on-year comparisons meaningless.

SG Jan. sales

However, month-on-month sales fell a mere 1.5 per cent which suggests a solid January given the strength of Christmas trade in December.

Statistics Singapore estimates the total value of retail sales in January at S$3.9 billion, compared with $4.3 billion in January last year. It estimated online retail sales accounted for 4.1 per cent of total sales in the city state.

The only categories to register a rise in sales year-on-year were furniture and household equipment and optical goods and books, which rose 3.1 per cent and 7.8 per cent, respectively.

SG Jan sales FB

Seasonally adjusted sales of food and beverage services fell 4 per cent in January over December, and 13.2 per cent over January last year, again reflecting the timing of Lunar New Year.

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