Car purchases surge 40% in March as overall retail sales dip
It was the only bright spot.
Motor vehicle sales surged 40% year-on-year in March, the only bright spot in an otherwise lacklustre month.
Data from the Department of Statistics (SingStat) showed that overall retail sales excluding motor vehicles declined 3.2% year-on-year last month.
According to JP Morgan, this marks the second consecutive monthly fall in sales excluding autos suggesting that underlying momentum in spending remained sluggish through the first quarter of the year.
"We expect next week’s 1Q GDP print to confirm a deceleration in spending momentum relative to 4Q," JP Morgan stated.