Chart of the Day: Take a look at retail sales' really deep dive in January

It dropped by 5.3%.

According to Colliers International, the growing cautious consumer sentiment and the increasingly critical labour situation in the retail sector has resulted in tenants’ resistance to rental increases, with prime rents in Orchard Road and the Regional Centres registering slightly lower levels in the first quarter of 2013.

Although boosted by the year-end festive period, the retail sales index (excluding motor vehicles) in the month of December 2012 was nonetheless 1.2% lower than its corresponding value in 2011.

This trend continued into 2013 as January’s retail sales slipped a further 5.3% year-on-year (YoY).

Here's more from Colliers:

Discretionary spending dropped across most categories, between 4.5% and 9.9% for department stores, supermarkets, provision & sundry shops, wearing apparel & footwear, recreational goods, watches & jewellery, and telecom apparatus & computers.

Food & beverage took the hardest hit with a fall of 24.6% YoY, mainly due to Chinese New Year being in February this year against January in 2012.

January’s retail sales slipped a further 5.3% year-on-year (YoY) as discretionary spending dropped across most categories.