Singapore retail sales growth eased up in March

Singapore retail sales grew by 4.4 per cent in March – excluding motor vehicles – a slower rate than the Lunar New Year-influenced February rate of 7.8 per cent. 

And online sales accounted for a growing share of the total retail market – 14.4 per cent in March compared with 11.7 per cent in February. 

Online sales of computer and telecoms equipment accounted for 46.8 per cent of the category, of furniture and homewares 28.2 per cent and in supermarkets and hypermarkets 12.8 per cent of their overall sales. 

Year on year, sales of watches and jewellery surged 60.2 per cent in March, while apparel sales rose by 35.6 per cent, but this was attributed by Statistics Singapore to a low base in March last year when tourist spending was impacted by border restrictions. 

Sales of recreational goods, computer and telecom equipment and through service stations grew by between 18.6 per cent and 28.3 per cent.

However supermarkets and hypermarkets turnover decreased by 14 per cent. 

Sales of food and beverage services grew by 8 per cent year on year, a turnaround from February’s 3.4 per cent decline. 

Online sales of food and beverages – ready to eat – accounted for 23.5 per cent of the sector’s turnover. 

You have 7 articles remaining. Unlock 15 free articles a month, it’s free.