Retail sales down 1.3% to $3.6b in August

Auto sales saw the steepest decline with a 19.1% crash.

Retail sales declined 1.3% MoM or 4.1% YoY to $3.6b in August, according to the Department of Statistics.

Excluding motor vehicle sales, sales grew 2.2%. Auto sales lead the decline as it crashed 19.1% MoM, reversing 23.7% leap from the previous month. It is followed by watches and jewellery, which slipped 1.7%, and furniture and household equipment, which dipped 1.3%.

Also read: Retail sales rebounded 2.6% in July after two-month decline

"The fall in retail sales was largely concentrated in big ticket items, suggesting sustained cautious behaviour in consumer expenditure given the economic slowdown," UOB Global Economics and Markets Research economist Barnabas Gan said in a research note.

In contrast, computer and telecom equipment industry reported the highest growth at 10.2%, followed by department stores at 8.6% and wearing apparel and footwear at 8.5%.

UOB said that retail sales have contracted 2.6% in the first eight months of 2019, and expects retail sales to fall 2.0% for the whole year.

On the other hand, sales of food & beverage services expanded 1.4% MoM and 3.6% YoY. Restaurant sales grew 3.1% MoM, whilst fast food outlets saw the highest growth in sales at 10% YoY.

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