SINGAPORE (XINHUA) – Singapore’s retail sales declined by 0.7 per cent year-on-year in November to SGD4.1 billion (about USD2.99 billion), reversing a 2.4-per-cent growth recorded in October, according to data released yesterday by the Singapore Department of Statistics.
On a seasonally adjusted month-on-month basis, retail sales fell by 2.8 per cent in November, it said in a report. Online retail sales accounted for an estimated 14.6 per cent of total sales, up from 12.6 per cent in October.
The increase in the online share was driven by year-end shopping events such as Singles’ Day and Black Friday, the report said.
Meanwhile, sales of food and beverage (F&B) services rose 3.9 per cent year-on-year to SGD970 million in November. This mirrors the same rate of growth seen in October, signalling consistent demand in the sector.
