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Solid lift in Singapore retail sales

(Source: Bigstock.)

Retail sales in Singapore rose by 11.4 per cent in October (excluding motor vehicles), a solid increase over September’s 8.5-per cent growth. 

Data from Statistics Singapore shows October’s gain was predominantly attributable to a 72.9-per-cent rise in computer and phone sales driven by new product launches. Rising watch sales drove a 26.9-per-cent lift in the watches and jewellery category. 

Singapore retail sales reached SG$3.6 billion in October (US$2.63 billion), with online sales accounting for 15.2 per cent, about the same as in September. 

Online sales accounted for 51.6 per cent of total computer and telecom sector sales, for 30 per cent of furniture and homeware sales, and for 15.2 per cent of sales through supermarkets and hypermarkets. 

Meanwhile, sales of food and beverage services decreased by 4.5 per cent in October, a reversal of the 4.5-per-cent increase in September. 

Statistics Singapore attributed to the decline to the tightened restrictions this year when dining at food and beverage establishments was allowed for up to two fully vaccinated persons. 

Food and beverage sales in October remained below pre-Covid levels.

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