Retail sales value jumps 19.6% YoY in June

The total value stood at $33.1b.

The total retail sales value hit $33.1b in June, an increase of 19.6% from the same month in 2022.

Of the total sales value, 6.7% or $2.2b was from online sales. Compared to a year ago, the online retail sales value dropped 3.3%.

Amongst retail outlets, "jewellery, watches and clocks, and valuable gifts" recorded the biggest improvement, with sales increasing 64.3% YoY.

Other retail outlets which recorded sales value increase were other consumer goods not elsewhere classified (+20.5% in value); wearing apparel (+34.2%); food, alcoholic drinks and tobacco (+6.6%); commodities in department stores (+4.2%); medicines and cosmetics (+49.4%); electrical goods and other consumer durable goods not elsewhere classified (+11.3%); motor vehicles and parts (+24.9%); footwear, allied products and other clothing accessories (+26.1%); Chinese drugs and herbs (+17.1%); books, newspapers, stationery and gifts (+19.3%); and optical shops (+29.9%).

On the flip side, the value of sales of commodities in supermarkets dipped by 3.5%, followed by sales of fuels (-19.1%); and furniture and fixtures (-6.4%).

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

“The outlook for retail sales remained favourable as visitor arrivals should increase further in the coming months,” the government added.