Chinese New Year festivities contribute to retail sales growth

Following the Chinese New Year festivities at the end of January this year, YoY sales increased 12.7% in February 2023. This was a reversal from the 0.8% decline in January 2023.

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Excluding motor vehicles, retail sales increased 11.7%, following the 2.1% increase in January 2023.

“The year-on-year increase in retail sales was partly attributed to a lower base, as some shops were not open during the Chinese New Year (CNY) public holidays on 1-2 February 2022,” read the overview from SingStat.

When adjusted seasonally, retail sales grew almost 4% in February 2023 over the last month. If motor vehicle sales are not included, seasonally adjusted sales went up 2.0% compared to January this year.

In February, retail sales amounted to S$3.6 billion. Online sales made up 12.4% of the total, which is higher than the 11.4% of sales recorded in January 2023. Excluding motor vehicle sales, retail sales totaled S$3.1 billion, with 14.2% coming from online retail sales.

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Retail sales per industry are as follows: Computer & telecommunications equipment at 46.4%, furniture & household equipment at 29.8%, and supermarkets & hypermarkets at 13.4%.

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