Retail sales rose a slower 9.1% in March

Why was its year-or-year growth less than half of the 19% rise posted on February?

Motor vehicle sales, which shot up roughly 70% in the previous recorded period, only expanded a relatively tepid 17.8%, dragging down the overall retail sales index. Still, almost all retail segments ended in positive territory, with only the optical goods & books section registering a decline of 3.2% yoy.

Here's more from Statistics Singapore:

Retail sales (seasonally adjusted) increased 1.6% in March 2012 compared to February 2012. Excluding motor vehicles, retail sales went up 0.7%. Compared to a year ago, retail sales rose 9.1% in March 2012. Excluding motor vehicles, retail sales increased 6.5%.

Month-on-Month Change (Seasonally Adjusted). After seasonal adjustment, retail sales of watches & jewellery, motor vehicles, telecommunications apparatus & computers and petrol service stations rose between 1.4% and 8.5% in March 2012 over February 2012 (Table 1). Similarly, supermarkets and retailers of furniture & household equipment registered increases in sales of 1.0% and 0.9% respectively compared to the previous month.

On the other hand, retail sales of medical goods & toiletries, recreational goods, provision & sundry shops, food & beverages and wearing apparel & footwear decreased between 1.1% and 3.9%. Retailers of optical goods & books and department stores also registered declines in sales of 1.0% and 0.7% respectively in March 2012 compared to February 2012.

Year-on-Year Change. Compared to March 2011, retailers of motor vehicles registered an increase in sales of 17.8% in March 2012. Retailers of telecommunications apparatus & computers and petrol service stations also recorded double-digit growth in sales of 11.3% and 10.8% respectively in March 2012. Similarly, retail sales of medical goods & toiletries, watches & jewellery, food & beverages, supermarkets, wearing apparel & footwear, recreational goods, department stores, furniture & household equipment and provision & sundry shops increased between 4.3% and 9.7%.

On the other hand, retailers of optical goods & books reported a 3.2% decline in sales in March 2012 over March 2011.