Singapore retail sales remain at levels lower than pre-Covid times, however, there are signs of stability in the market.
Excluding motor vehicles, sales grew by 2 per cent in July, a significantly slower rate than the 19.2 per cent of June, with total sales (including vehicles) of S$3.4 billion (US$2.53 billion).
June’s heftier rise reflected the imposition of the Singapore government’s Phase 1 movement restrictions in June last year which meant physical stores were closed until 18 days into the month.
In July, online sales accounted for 16.2 per cent of overall sales, slightly down on June, but a level far higher than the single-digit pre-Covid rate.
Online retail sales of computers & telecommunications equipment, furniture & household equipment and supermarkets & hypermarkets comprised 55.8 per cent, 29.9 per cent and 14 per cent of their respective category sales.
Sales of food and beverage services fell 5.9 per cent in July, reversing much of June’s 7.6-per-cent increase. Statistics Singapore said the year-on-year decline in July was due to the implementation of stricter dine-in restrictions this year, adding that food and beverage sales by value continued to be below pre-Covid levels.
The total sales value of food & beverage services in July was estimated at $630 million (US$469 million), with online sales accounting for 41.5 per cent of turnover, less than the 47.9 per cent recorded in June.