Retail sales value jumps 18.4% YoY in May

The total value stood at $34.5b.

The total retail sales value hit $34.5b in May, an increase of 18.4% from the same month in 2022.

Of the total sales value, 6.3% or $2.2b was from online sales. Compared with a year ago, the online retail sales value dropped 3.7%.

Amongst retail outlets, "jewellery, watches and clocks, and valuable gifts" recorded the biggest improvement, with sales increasing 51.8% YoY.

In the same month, the value of sales of other consumer goods not elsewhere classified increased by 16.1% YoY.

Other retail outlets which recorded sales value increase were wearing apparel (+38.5%); commodities in department stores (+9.9%); food, alcoholic drinks and tobacco (+4.4%); medicines and cosmetics (+51.5%); motor vehicles and parts (+54.7%); footwear, allied products and other clothing accessories (+17.9%); Chinese drugs and herbs (+35.1%); books, newspapers, stationery and gifts (+17.9%); and optical shops (+16.4%).

On the flip side, the value of sales of commodities in supermarkets dipped by 0.2%, followed by sales of electrical goods and other consumer durable goods not elsewhere classified (-5.6% in value); fuels (-13.7%); and furniture and fixtures (-8.6%).

The Census & Statistics Department (C&SD), citing the government, said the value of retail sales “continued to increase visibly in May over a year earlier thanks to the revival of inbound tourism and positive consumption sentiment.”

Looking ahead, the government said, "the improvement of retail sales should continue in the coming months as the number of incoming visitors should continue to rise when transportation and handling capacity expand further.”