Retail sales value dip by 7% MoM to $31.2b in March

Amongst retail outlets, "jewellery, watches and clocks, and valuable gifts" recorded the steepest decline.

The total retail sales value hit $31.2b in March 2024, a drop of 7% from the same month in 2023.   

Of the total sales value, 7.8% or $2.4b was from online sales. Compared to March 2023, the online retail sales value fell 4.7%.   

Amongst retail outlets, "jewellery, watches and clocks, and valuable gifts" recorded the steepest decline, with sales falling 17.7% YoY.   

Other retail outlet types which recorded value decreases include supermarkets (-3.4%); wearing apparel (-17.5%); food, alcoholic drinks and tobacco (-11.3%); commodities in department stores (-14.1%); electrical goods and other consumer durable goods not elsewhere classified (-15.5%); fuels (-14.5%); furniture and fixtures (-3.3%); footwear, allied products and other clothing accessories (-10.7%); Chinese drugs and herbs (-5.8%); and optical items (-10.1%).

On the other hand, the value of sales of other consumer goods not elsewhere classified increased by 8.7% YoY, followed by sales of sales of medicines and cosmetics (+8.9% in value); motor vehicles and parts (+7.6%); and books, newspapers, stationery and gifts (+6.8%).  

The Census & Statistics Department (C&SD), citing a government spokesperson, said the decline in retail sales was due to "a high base of comparison for visitor spending and the Easter holidays."   

“Further revival of inbound tourism and rising household income should remain supportive to the retail sector. The government's efforts to promote a mega event economy and boost sentiment should also help. The changing consumption patterns of visitors and residents may continue to pose challenges,” the spokesperson added.