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Singapore retail sales continue to recover in the post-Covid market

(Source: Jem)

Singapore retail sales are continuing their slow recovery in the post-Covid era, rising by 14.3 per cent in October excluding motor vehicles. 

That followed September’s 16.9 per cent increase. On a seasonally adjusted basis, Singapore retail sales rose by 0.8 per cent compared with September.

Online retail sales accounted for about 14.5 per cent of the S$3.6 billion in retail sales in October. By category, 47.1 per cent of computer and telecommunications equipment was sold online, 28.9 per cent of furniture and household equipment and 14 per cent of supermarket and hypermarket goods. 

Most retail categories improved their overall retail sales in October, with apparel and footwear turnover up by 52.9 per cent, due mainly to increased demand for bags and footwear. 

Sales of food and liquor, at department stores and of watches and jewellery increased at rates of between 29.9 per cent and 61 per cent.

The declining categories were supermarkets and hypermarkets, down by 6.2 per cent and mini-marts and convenience stores, down by 0.3 per cent. 

Sales by restaurants, cafes and other food and beverage services rose by 36.9 per cent in October, a higher rate than September’s 29.6 per cent. Statistics Singapore said the sharp rise was largely attributable to the low base of a year earlier when Covid-related trading restrictions led to low turnover. 

Of the $949 million in food and beverage services sales in October, about 24.1 per cent was via delivery apps or online. 

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