Chart of the Day: Retail sales index fell 6.2% in Q1

Total retail sales declined by 33.4% YoY in April.

This chart from EDMUND TIE shows that the retail sales index (excluding motor vehicles) fell for the sixth consecutive quarter by 6.2% YoY in Q1. Overall, the total retail sales (excluding motor vehicles) declined by 33.4% YoY in April.

EDMUND TIE notes that the retail sector is facing one of its greatest challenges as the pandemic necessitated the temporary closure of many retail outlets with the exception of essential services, such as F&B, supermarkets, clinics and approved healthcare-related trades during the circuit breaker period as well as in Phase 1 of Singapore’s reopening.

It was reported by the Singapore Tourism Board (STB) in February that Singapore lost an average of 18,000 to 20,000 international visitor arrivals daily brought upon by the plunge of visitor arrivals due to travel restrictions.

As international visitor arrivals fell and residents were forced to stay home except when going out for essential services, retailers faced increasing pressures to sustain their businesses while coping with fixed overhead costs.