SG retail sales 6.5% lower than 2019: Fitch
It reflected the struggle to return to pre-pandemic levels.
Fitch Solutions Country Risk & Industry Research collected data from October 2021 and analysed the dramatic consumer spending shifts in Singapore over the last 20 months of COVID-19 related restrictions.
Data showed overall retail sales have struggled to return to a pre-pandemic level. By 2021, total retail sales have averaged at an index score of 93.5 (2017=100). While this is 12.0% stronger than the 83.4 average over 2020, it is still 6.5% lower than the 99.9 recorded in 2019. In October 2021, the index reached a score of 98.5, the highest level it has been since the pandemic began, just slightly below the 100 recorded in October 2019.
Other data also showed online sales in Singapore rapidly gaining total retail sales in the city, as the convenience associated with the services continues to onboard consumers. Retail sales of clothing and cosmetics have been the worst-performing consumer segment in the country since the start of the pandemic.
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