Singapore’s total retail sales value grew by 6.7% y-o-y to $4.4 billion in December 2021, due to most industries recording y-o-y growths in sales during the month.

According to data released by the Department of Statistics (SingStat) on Feb 4, online retail sales made up an estimated 14.6% of the total retail sales value during the month, mainly comprising supermarkets & hypermarkets, computer & telecommunications equipment, and furniture & household equipment.

On a seasonally adjusted month-on-month (m-o-m) basis, December’s total retail sales climbed 2.3%.

Excluding motor vehicles, Singapore’s total retail sales value for December grew 8.6% y-o-y and 2.0% m-o-m.

Within the retail trade sector, watches & jewellery saw the highest y-o-y growth at 27.4%, while petrol service stations saw sales improve by 23.6% y-o-y. Cosmetics, toiletries & medical goods rounded up the top three performing industries with a 17.0% y-o-y growth in December.

See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/news/singapore-economy/singapores-nodx-expands-70-july-reach-178-bil?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Singapore's NODX expands by 7.0% in July to reach $17.8 bil</a>

Meanwhile, motor vehicles, optical goods & books, mini-marts & convenience stores, as well as others fell 7.2%, 5.0%, 3.9% and 2.4% on a y-o-y basis.

On a m-o-m basis, department stores, optical goods & books, and food & alcohol logged the highest growth at 9.0%, 8.3% and 8.0% respectively.

Furniture & household equipment and supermarkets & hypermarkets were the only industries to see declines on a m-o-m basis at 7.9% and 2.1% respectively.

Food & Beverage retail sales

See also: <a class='gtm_see_also_2_inread' style='text-decoration: underline;' href='/news/singapore-economy/dpm-lawrence-wong-signals-rich-may-have-pay-more-taxes?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>DPM Lawrence Wong signals rich may have to pay more taxes</a>

In December, total food & beverage retail sales increased 7.4% y-o-y and 11.7% m-o-m to $855 million. According to SingStat, the m-o-m surge was attributable to the lower base in November, where there were stricter dine-in restrictions.

Of the total sales, online food & beverage sales made up an estimated 28.6%, compared to the 33.3% recorded in November.

Within the food & beverage services sector, all industries logged y-o-y growths in December, led by food caterers, which surged by 47.2% y-o-y. The food catering industry’s increase was due to the low base in December 2020, when demand for catering was low.

On a m-o-m basis, all industries also saw m-o-m growths, led by restaurants, which increased by 20.4%.

Singapore's December retail sales rise 6.7% y-o-y to $4.4 bil

SGX reports FY2022 earnings of $451.4 million, up 1%; maintains full year dividend payout at 32 cents

OUE C-REIT to refinance existing debt with new $978 million sustainability-linked loan

Despite surge in new orders, DBS downgrades CSE Global on supply chain woes

Singapore's December retail sales rise 6.7% y-o-y to $4.4 bil

Related Stories

Highlights

SGX reports FY2022 earnings of $451.4 million, up 1%; maintains full year dividend payout at 32 cents

Related Stories

Singapore retail sales recovering to pre-pandemic levels

Retail sales in Singapore to return to pre-Covid levels: RHB

Singapore all-items CPI up 5.6% y-o-y in May; MAS core inflation up 3.6% y-o-y