Retail Sales in Singapore See Big Jump

Retail sales in Singapore rose 6.7% in December from a year earlier, against a 2.2% YoY increase the month before.

In MoM terms, however, retail sales slowed. In the month of December, these rose by 2.3% MoM compared with an increase of 2.8% in November.

The increase in December was driven by jewelry and watches sales which increased by 27.4% YoY and petrol service stations with an increase of 23.6%. In addition, sales of consumer goods such as cosmetics and medical goods increased by 17%, apparel and footwear by 16.8%, and department stores by 13%.

However, sales of vehicles (-7.2%), optical goods and books (-5%), and mini-marts and convenience stores (-3.9%) declined.

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