Singapore's retail sales see first drop in nearly a year
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./.