Retail sales fell 4.3% in October YoY

The optical goods and books industry experienced the biggest decline with a 6.9% fall.

Singapore’s overall retail sales slid 4.3% in October YoY, whilst on a MoM basis, retail sales decreased by 2.2%, said a report by Statistics Singapore.

Excluding motor vehicles, retail sales declined by 0.6% in October YoY, whilst MoM, sales excluding motor vehicles fell 1.5%.

The total retail sales value in October 2019 estimates $3.6b, with online retail sales making up 6.1%.

Retail sales across all industries recorded a downward growth in October YoY; sales of motor vehicles contracted 22.7%, mainly due to the lower COE quota for the period of August to October 2019. Meanwhile, a lower demand for household equipment gave the industry a 10.6% fall.

The other industries that similarly saw a decline in October YoY were the Optical Goods & Books industry with a 6.9% decline, Petrol Service Stations with a 6.2% contraction, and Recreational Goods which inched down by 2.4%.

Industries of clothing and supermarket on the other hand, offtake the double-digit drop of declining industries; sales of Watches and Jewelries increased by 7.2%, largely attributing to higher demand for jewellery. The Wearing Apparel & Footwear industry on the other hand saw a 4.7% up. Meanwhile, Supermarkets & Hypermarkets, as well as Mini-marts & Convenience Stores experienced growth with 1.3%, and 1% expansion respectively. 

Majority of the food industry saw a positive growth in October YoY. Fast Food Outlets’ sales increased by 7.9%, whilst Restaurants and Cafes, and Food Courts and other eating places both registered a rise, with 6.1%, and 3.3% increase respectively. Sales of Food Caterers was the only one that saw a decline, inching down by 1.5%.