Retail Performance Misses Economist Expectations
In June 2024, Singapore’s retail sales declined by 0.6% year-on-year, reversing the growth trend seen in May, where sales had risen by 2.2%. This figure was below the private-sector economists’ median estimate of 3.8% growth, according to data from the Department of Statistics released on August 5.
The total value of retail sales in June amounted to S$3.8 billion, with online sales accounting for 12.1% of this total, slightly up from 11.5% in May. When excluding motor vehicles, retail sales fell by 3.1% compared to the same period last year.
On a month-on-month seasonally adjusted basis, retail sales decreased by 3.7%, in contrast to a 2.4% increase seen in the prior month. DBS economist Chua Han Teng attributed this slowdown to the increase in outbound travel during the school holidays, which likely impacted domestic retail spending.
