Singapore retail sales, excluding motor vehicles, swung to a 9.4 per cent year-on-year increase in February following a 1.8 per cent drop in January.
The Department of Statistics said the improvement was mainly due to the Chinese New Year being celebrated in February this year, as opposed to January last year. For the two-month period, retail sales grew 4.7 per cent in 2024 compared to 2023.
February’s total retail sales value was about SG$3.4 billion (US$2.5 billion), of which 12.4 per cent were from online retail sales.
Most industries in the trade sector saw strong year-on-year increases in sales, with food & alcohol topping the list with a 31.4 per cent growth. Supermarkets & hypermarkets, watches & jewellery, and wearing apparel & footwear also recorded double-digit growths of 19.2 per cent, 16.8 per cent, and 13.2 per cent respectively.
Meanwhile, optical goods & books and computer & telecommunications equipment reported declines in sales of 9.3 per cent and 7.7 per cent respectively.
Sales of food & beverage services rose 14.7 per cent to SG$1 billion (US$741 million), reversing the 5.5 per cent drop in January and mainly attributed to Chinese New Year celebrations. For the January-February period, sales were up 4 per cent.
All industries recorded sales growths within the F&B services sector, with food caterers and restaurants registering double-digit growths of 39.5 per cent and 20.5 per cent respectively.
