The Magazine for Asian Investors
According to the Singapore National Statistics Office (DOS), retail sales in Singapore rose 13.7% year-on-year in July, following a 14.9% increase in June.
Excluding auto sales, retail sales in Singapore rose 18.1% in July, following a 19.9% increase in June.
According to the DOS, the increase in retail sales in July was due in part to tremendous sales growth in the apparel and footwear, food and alcohol, and department store industries, including watches and jewelry.
On a month-on-month basis after seasonal adjustment, retail sales in Singapore rose 0.6% in July after falling 1.4% in June.
Total estimated retail sales in July were S$3.9 billion (US$2.78 billion), of which online retail accounted for 12.7%, roughly the same as in June 2022.
Food and beverage services sales rose 41.9% year-over-year in July, following a 59.1% increase in June.