Why cash registers failed to ring for consumer sector firms

Overall retail sales value dipped 0.8%.

According to OCBC, the consumer sector continued to exceed expectations with corporate earnings faring better than the overall market (revenue +10.3% over forecasts and average EPS +16.6%). 

Upon review, OCBC notes that most of the positive performance in the consumer sector was attributed to growth in the respective overseas markets vis-à-vis domestic growth.

Here's more from OCBC:

No help domestically – retail sales ended on a whimper. Overall retail sales value – excluding the heavily weighted motor vehicle component – fell 0.8% MoM in Dec (-0.4% YoY) to end the year on a weak note.

Essential spending i.e. supermarkets held their own while discretionary spending on items such as telecommunications apparatus and computers (-12.1% MoM and YoY) took a big hit despite it being the seasonal peak.