Singapore retail sales down 2.9% in December

Total retail sales were estimated at $4.6b.

Retail sales in Singapore fell 2.9% year-on-year in December 2024, following a 0.5% decline in November, the Department of Statistics reported.

Excluding motor vehicles, sales dropped 4.0%, extending November’s 1.1% fall. On a seasonally adjusted basis, retail sales fell 1.5% month-on-month, whilst sales excluding motor vehicles declined 3.5%.

Total retail sales were estimated at $4.6b, with online sales making up 13.4%, down from 14.7% in November. Excluding motor vehicles, retail sales totaled $4b, with online sales contributing 15.4%.

By industry, online sales accounted for 50.9% of computer & telecommunications equipment sales, 33.4% in furniture & household equipment, and 12.2% in supermarkets & hypermarkets.

Most retail segments saw declines in December. Sales of wearing apparel & footwear, mini-marts & convenience stores, and watches & jewellery fell between 6.0% and 11.6%.

In contrast, motor vehicle sales surged 13.2% on higher demand for new cars. Sales of food & alcohol rose 2.5%, whilst computer & telecommunications equipment gained 1.0%.