Illustrative image (Photo:https://think.ing.com/) Singapore (VNA) – Singapore’s retail sales in January fell for the first time in nearly a year amid a slump in motor vehicle sales and as consumers snapped up fewer big-ticket furniture and household equipment, according to the Singaporean Department of Statistics.
Retail sales dipped 0.8% in January year-on-year, reversing the revised 7.7-percent increase in December .
The last time sales fell was in February 2022, when it slid 3.5 % due to the timing of Lunar New Year as consumers did their pre-festive shopping earlier.
Overall, the estimated total retail sales value in January was 4.2 billion SGD (3.12 billion USD), of which online sales made up about 11.5%, lower than the 13% recorded in December last year.
Analysts predicted that domestic demand will continue to be weak, especially in the first half of 2023.
Despite the negative start, economists continue to expect retail sales growth to remain positive this year, even as it likely eases.
The Singaporean government's support measures this year will partially address the decline in demand caused by rising inflation and value-added tax.
Tourism could also help boost the country's retail sales as China has gradually reopened, the department said.
Singapore's total retail sales are estimated to increase by between 5-6% this year./.
