Retail sales rise 2.2% YoY to $4.1b in October

Driven by stronger online sales with 12.7% share.

Retail sales grew 2.2% YoY in October 2024, reaching $4.1b, with 12.7% attributed to online sales.

Excluding motor vehicles, retail sales rose 0.3% YoY to $3.6 billion, with online sales accounting for 14.7%.

Motor vehicle sales led YoY growth at 18.4%, supported by a higher Certificate of Entitlement (COE) quota.

Furniture and household equipment sales grew 5.7% YoY, while food and alcohol sales increased by 5.5%.

Computer and telecommunications equipment sales declined 10.9% YoY, while optical goods and books fell 5.8%.

Online sales were highest in computer and telecommunications equipment at 47.7%, followed by furniture and household equipment at 31.5%.

On a month-on-month basis, retail sales rose 0.1% overall, with food and alcohol sales increasing by 8.5%.

The retail sector showed mixed performance, with growth in some segments offset by declines in others.

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