Singapore retail sales buoyed by Lunar New Year
Singapore retail sales – excluding motor vehicles – rose 14 per cent in February, reflecting the changed timing of Lunar New Year observation.
Compared with January, they rose 1 per cent.
Statistics Singapore estimated the total value of retail sales in February – including motor vehicles – at S$3.7 billion. Online sales accounted for 3.9 per cent of total retail sales.
Food retailers (excluding supermarkets) recorded the biggest increase by category – up 61.2 per cent as people prepared for celebrating the New Year. Apparel sales rose 42.4 per cent. Sales at supermarkets and department stores rose by an average of 25 per cent.
Meanwhile, sales of food and beverages at cafes and restaurants rose 4.9 per cent year-on-year.