Strong retail growth in Singapore

by | Jul 7, 2021 | Business, INTERNATIONAL | 0 comments

The Singapore Department of Statistics issued a statement that retail sales surged in the month of May this year, compared to the same period last year, due to the low base when the island-state was in the circuit breaker stage as a reflection of how resilient the country was during this Covid-19 pandemic.

Takings at the till rebounded by 79.7 percent on a yearly basis, even higher than the 54 percent increase recorded in April this year. Retail sales showed strong recovery in all retail segments except for motor vehicles sales to rise by 61.6 percent in May 2021.

Almost all retailers registered huge increases in year-on-year sales with the sales of watches and jewelry leading the pack with a jump in sales of 2090 percent over last year. This massive increase is a sheer indication of the strong rebound by the nation.

Department stores witnessed a surge in sales of 51.3 percent while sales of wearing apparel and footwear leapt 447 percent. Motor vehicle sales jumped by 421 percent while sellers of optical goods and books raked increases of 296.5 percent.

Sales of recreational goods also increased by 219 percent. Sellers of furniture and household equipment also brought in more sales of 161 percent.

The food and beverage services industry also registered growth in sales of 46.4 percent compared with the corresponding period of May last year.. Restaurant sales grew the most with a jump in takings of 89.5 percent.

This was followed by cafes, food courts and other eating places which saw an increase in sales by 54.4 percent. The total sales value of food and beverage services in May this year was estimated at S$617 million or RM1.9 billion.

The estimated total retail sales value in May 2021 was about S$3.3 billion or RM10.2 billion and of this amount online retail sales accounted for an estimated 13.7 percent.