SINGAPORE – Retail sales here went up in September, largely driven by motor vehicle sales, which saw a sharp rise aided by increased certificate of entitlement quotas and increased demand for electric vehicles.
Takings at the till increased by 2 per cent in September from a year ago, following the 0.7 per cent growth in August, data from the Department of Statistics showed on Nov 5.
Excluding motor vehicles, retail sales decreased by 1.4 per cent, extending the 1.3 per cent drop in August. Six of the 14 categories saw a rise in sales.
On a seasonally adjusted basis, retail sales rose by 0.4 per cent in September over the previous month.
The biggest year-on-year rise was for motor vehicles (29.6 per cent). Other industries that saw a rise in sales include cosmetics, toiletries and medical goods (2.9 per cent), and furniture and household equipment (2 per cent).
Sales dropped year on year in other sectors, with the largest declines observed in petrol service stations (9 per cent) as well as wearing apparel and footwear (9.3 per cent).
Sales of discretionary items like wearing apparel and footwear continued to decline as the strong Singapore dollar likely gave locals the incentive to divert their spending and purchase such goods when they travel abroad, said DBS Bank economist Chua Han Teng.
The estimated total retail sales value in September came in at $4 billion. Of this amount, about 13.8 per cent was from online sales, higher than the 12.2 per cent recorded in August.
Excluding motor vehicles, total retail takings were about $3.4 billion, of which 16.2 per cent came from online sales.
Major sporting events, popular concerts, business travel, and meetings, incentives, conventions and exhibitions could support retail sales, while disbursement of the Government’s cash handouts – such as under the Assurance
