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Strong end to the year for Singapore retail sales

Singapore retail sales rebounded strongly in December, with the luxury watches and jewellery sector leading the charge. 

According to Statistics Singapore, sales – excluding motor vehicles – rose by 8.6 per cent year on year, following November’s more modest growth rate of 4.5 per cent. 

By category, sales of watches & jewellery surged 27.4 per cent in December, while rising petrol prices saw service station sales grow by 23.6 per cent. Sales of cosmetics, toiletries & medical goods, wearing apparel & footwear and in department stores increased by between 13 per cent and 17 per cent. 

Online retail sales accounted for 16.3 per cent of transactions – again excluding motor vehicles – with 55.4 per cent of computer and telecom equipment sales online, 28.2 per cent of furniture and homewares sales and 15.3 per cent of supermarket turnover.  

Meanwhile, sales of food & beverage services increased by 7.4 per cent in December – a much faster clip than November’s 1 per cent. 

Online sales accounted for 28.6 per cent of food and beverage service sales, down from 33.3 per cent recorded in November.

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