Singapore retail takings up 10.4% in October though car sales extend slump

SINGAPORE – Retail sales in Singapore continued to climb in October, though at a slower year-on-year pace, as car sales extended their slump, according to figures released by the Department of Statistics on Monday.

Total retail takings rose 10.4 per cent year on year, easing from the revised 11.3 per cent growth in September and the 13.3 per cent increase in August.

Excluding motor vehicles, retail sales rose by 14.3 per cent compared to the revised 16.9 per cent increase in September.

On a seasonally-adjusted basis, retail sales edged up 0.1 per cent in October month-on-month. Excluding motor vehicles, sales grew by 0.8 per cent.

This is a dip compared to the monthly growth from August to September, which saw a 3.2 per cent increase for total retail sales, and 4.1 per cent excluding motor vehicles.

Most industries recorded a year-on-year increase in sales in October, with the apparel and footwear industry seeing a 52.9 per cent jump, the second largest of all the 14 industries. Food and alcohol sales took the top spot at 61 per cent.

Meanwhile, sales of motor vehicles dropped 15.8 per cent year on year in October, after a 20.2 per cent tumble in September, making it the biggest loser of the 14 industries.

This was due to the lower certificate of entitlement (COE) quota, said the Department of Statistics. The tight COE supply has been weighing down on vehicle sales, with the situation worsening in June.

The estimated total retail sales value in October was $4 billion, of which the online portion made up 13 per cent. Excluding motor vehicles, the total retail sales value was about $3.6 billion, of which 14.5 per cent came from online.

Meanwhile, sales of food and beverage services grew 36.9 per cent year on year in October, after rising 29.6 per cent in September. The large growth in sales was mainly due to the low base in October last year, when there were restrictions on dining-in due to the Covid-19 pandemic.

On a seasonally adjusted basis, sales of F&B services increased by 1 per cent in October from the previous month.

The total sales value of F&B services in October was estimated at $949 million, with online sales making up about 24.1 per cent.