The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.
Retail sales in Singapore inched up slightly by 0.1% on a year-on-year basis in October, easing from the previous month’s 1.9% growth as a robust sales performance from petrol service stations was offset by sluggish sales seen in department stores, supermarkets and hypermarkets, and motor vehicles.
Total receipts reached around S$3.7 billion in October, with online retail sales contributing about 5.3%. Excluding motor sales, retail sales grew by 0.5%, the Department of Statistics Singapore said on Wednesday.
Petrol service stations saw sales increase by 11.4% in October due to the ongoing high petrol prices. The medical goods and toiletries segment saw sales increase by 3.4%, helped by higher sales of cosmetics and toiletries.
Meanwhile, segments such as supermarkets and hypermarkets, department stores, motor vehicles, as well as optical goods and books registered slower sales compared to a year ago.
Food and beverage services' receipts up 1.1%
Receipts of food and beverage services increased by 1.1% in October from a year ago, with total receipts at around S$710 million, higher than S$703 million in October 2017.
For that month, food caterers, fast food outlets and other eateries (for example, cafes) saw increased sales compared to a year ago, up by 5.6%, 3.2%, and 3.8%, respectively. Only restaurants registered a fall in sales by 3.0%.
Compared to the previous month, seasonally-adjusted retail sales were down by 0.4%, while food and beverage services were lower by 0.7%.
.jpg)
