Retail sales value jumps 7% YoY in January

The total value stood at $36.2b.

The total retail sales value hit $36.2b in January, an increase of 7% from the same month in 2022.

Of the total sales value, 8.2% or $3b was from online sales. Compared with a year ago, the online retail sales value dropped 4.2%.

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 jewellery, watches and clocks, and valuable gifts (+23.1% in value); electrical goods and other consumer durable goods not elsewhere classified (+13.4%); wearing apparel (+14.4%); commodities in department stores (+3.9%); medicines and cosmetics (+15.3%); motor vehicles and parts (+1.3%); footwear, allied products and other clothing accessories (+16%); Chinese drugs and herbs (+38.5%); books, newspapers, stationery and gifts (+20.3%); and optical shops (+13.8%).

On the flip side, the value of sales of commodities in supermarkets dipped 7.2% for the period, followed by sales of food, alcoholic drinks and tobacco (-1% in value); fuels (-0.1%); and furniture and fixtures (-21.3%).

The Census & Statistics Department (C&SD), citing the government, said the value of retail sales rose further in January due to improved consumer sentiment, helped by the early arrival of the Lunar New Year.

Looking ahead, the government said  the "continuous return of economic activities to normalcy and a further rebound in the number of visitor arrivals will benefit the retail sector."