Sluggish motor sales dragged Singapore’s retail sector in May

Retail sales slipped by 6%.

Despite the ongoing Great Singapore Sale, the country’s retailers still experienced a 6% year-on-year contraction for retail sales in the month of May.

According to data released today by the Department of Statistics, retail sales decreased 6.0% in May 2014, compared to the same period last year. Excluding motor vehicles, retail sales increased marginally by 0.1%.

“Compared to May 2013, retailers of motor vehicles recorded a sales decrease of 26.8% in May 2014. The higher sales of motor vehicles a year ago was partly due to the temporary lifting of loan restrictions on the purchase of the pre-existing stock of used cars. Retail sales of telecommunications apparatus & computers, watches & jewellery and wearing apparel & footwear also went down between 1.8% and 7.0%. Retail sales of recreational goods declined marginally by 0.2%,” the report noted.

Here’s more from the report:
After seasonal adjustment, retailers of motor vehicles recorded a double-digit sales increase of 23.4% in May 2014 over the previous month.

Similarly, retail sales of watches & jewellery, recreational goods, food & beverages, optical goods & books, provision & sundry shops, department stores and petrol service stations rose between 2.1% and 9.2%. Retail sales of medical goods & toiletries grew 0.4% as well.

In contrast, retailers of telecommunications apparatus & computers and furniture & household equipment registered lower sales of 0.9% and 0.8% respectively in May 2014 over April 2014. Retail sales of supermarkets and wearing apparel & footwear decreased slightly by 0.3% and 0.1% respectively.

On the other hand, retail sales of food & beverages, petrol service stations, medical goods & toiletries, department stores, furniture & household equipment and provision & sundry shops increased between 1.1% and 7.0% in May 2014 over May 2013. Retail sales of supermarkets and optical goods & books also went up 0.6% and 0.2% respectively.