Retail sales value jumps 40.9% YoY in March
The total value stood at $33.6b.
The total retail sales value hit $33.6b in March, an increase of 40.9% from the same month in 2022.
Of the total sales value, 7.6% or $2.6b was from online sales. Compared with a year ago, the online retail sales value dropped 8.6%.
Amongst retail outlets, "jewellery, watches and clocks, and valuable gifts" recorded the biggest improvement, with sales increasing 165% YoY.
In the same month, the value of sales of other consumer goods not elsewhere classified increased by 6% YoY.
Other retail outlets which recorded sales value increase were other consumer goods not elsewhere classified (+38.2% in value); wearing apparel (+136%); food, alcoholic drinks and tobacco (+14%); commodities in department stores (+37.2%); medicines and cosmetics (+64.4%); motor vehicles and parts (+44.7%); fuels (+14.8%); footwear, allied products and other clothing accessories (+187.9%); furniture and fixtures (+8.4%); Chinese drugs and herbs (+44.3%); books, newspapers, stationery and gifts (+34.1%); and optical shops (+137.8%).
On the flip side, the value of sales of commodities in supermarkets dipped 6.5%, followed by sales of electrical goods and other consumer durable goods not elsewhere classified (-8.2% in value).
The Census & Statistics Department (C&SD), citing the government, said the value of retail sales rose further in March due to improvement in consumer and visitor spending and the low base of comparison.
Looking ahead, the government said, "the recovery of inbound tourism and private consumption should continue to benefit the retail sector.”