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Market Update: Singapore Retail Sales Hit Record High
Singapore’s retail sales surged by 54% yoy in April 2021, after a 6.3% growth a month earlier. This was the sharpest growth in retail trade since the series began in 1996, amid a low base effect in last year, due to the impact of the coronavirus crisis. There were increases in sales of wearing apparel & footwear (442.6 percent vs 33.5 percent in March); watches & jewelry (646.8 percent vs 60.2 percent); petrol service stations (103.8 percent vs 18.5 percent); recreational goods (174.6 percent vs 27.6 percent); furniture & household equipment (63.0 percent vs 1.8 percent); and computer & telecommunication equipment (17.3 percent vs 20.3 percent). By contrast, decreases were seen in supermarkets & hypermarkets (-30.2 percent vs -13.9 percent); mini-marts & convenience stores (-16.8 percent vs -6.0 percent). On a monthly basis, retail sales fell 1.3% in April, reversing from a 3% rise in March. source: Statistics Singapore [/s2If]
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