Retail sales up 2.5% in November 2023

Online sales bolstered both sectors' total sales value.

Retail sales in November 2023 rose by 2.5% YoY, reversing the 0.1% decline in the previous month, according to official data.

The estimated total retail sales value in November 2023 was $4.1b with 15.2% of it coming from online retail sales, an increase from the 13.1% recorded in October 2023

The total retail sales value (excluding motor sales) was about $3.7b, of which 17.1% were from online retail sales.

A large proportion of online retail sales was mainly due to higher online sales during the year-end online shopping events such as Singles’ Day (11.11) and Black Friday.

Online retail sales made up 52.5%, 36.4% and 13.5% of the total sales of the Computer & Telecommunications Equipment, Furniture & Household Equipment and Supermarkets & Hypermarkets industries respectively.

Meanwhile, sales of food & beverage (F&B) services increased 1.4% YoY in November 2023.

The F&B sector had an estimated $951m total sales value in November 2023 with 23.7% were from online sales, compared to the 23.6% recorded in October 2023.

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