Retail sector rebounds after December decline, reaching S$4.3 billion in total sales
Singapore’s retail sales grew by 1.3% year-on-year in January, reversing December’s 0.5% decline, according to Department of Statistics (SingStat) data released on March 5, 2024. This recovery was largely driven by a surge in motor vehicle sales, fueled by a 37% increase in Certificate of Entitlement (COE) supply.
Retail Performance Overview
Total retail sales: S$4.3 billion
Online retail share: 11.2% (down from 13.1% in December)
Excluding motor vehicles: Retail sales declined 2.1% year-on-year but grew 0.5% month-on-month (seasonally adjusted).
Month-on-month overall change: Retail sales fell 0.7%, extending December’s 1.5% drop.
Category Highlights
Department stores recorded the highest growth at 13.9%.
Watches and jewellery saw the largest decline, dropping 12.7%.
Food and beverage (F&B) services fell 5.6% year-on-year, contrasting with December’s 0.4% growth. However, F&B sales rose 0.3% month-on-month, recovering from a 1.9% decline in December.
Food caterers (+8.6%) and cafes/food courts (+4.9%) saw gains, while restaurants (-16%) and fast-food outlets (-10.2%) posted losses.
Chinese New Year’s Impact on F&B
SingStat attributed lower F&B sales in January to Chinese New Year (CNY) timing differences, as CNY fell in late January 2023 but was in February 2024.
With higher car sales and resilient department store performance, Singapore’s retail sector rebounded in January, despite ongoing sector-specific fluctuations.
