Singapore Retail Sales Increase July 2023

Retail sales in Singapore saw a year-on-year increase of 1.1 per cent in July 2023, a slight improvement from the nearly two-year low of 1 per cent recorded in the previous month. This modest growth can be attributed primarily to higher sales in several categories, including mini marts & convenience stores (7.4 per cent compared to 7.3 per cent in June), wearing apparel & footwear (6.5 per cent compared to 4.7 per cent), and furniture & household equipment (0.5 per cent compared to 0.3 per cent). Additionally, there was a recovery in sales for motor vehicles (7.3 per cent compared to -8.4 per cent), and the decline in sales at petrol service stations was less pronounced (-16.1 per cent compared to -24.2 per cent).

Conversely, sales experienced a decline in several other categories, including department stores (-2.1 per cent compared to 0 per cent), supermarkets & hypermarkets (-2.3 per cent compared to 1.2 per cent), and recreational goods (-5.8 per cent compared to 0 per cent). Furthermore, sales growth slowed in categories such as food & alcohol (21 per cent compared to 30.3 per cent), cosmetics, toiletries & medical goods (2.8 per cent compared to 8.4 per cent), watches & jewelry (0.6 per cent compared to 6.2 per cent), computer & telecommunications equipment (1.9 per cent compared to 7.1 per cent), and optical goods & books (4.6 per cent compared to 8.7 per cent).

On a monthly basis, retail activity increased by 0.6 per cent in July, rebounding from a 0.8 per cent decrease in the previous month.