Singapore’s retail sales in July fell by 8.5 percent year-on-year, an improvement from June’s 27.7 percent plunge, according to the Department of Statistics (SingStat).
Singapore (VNA) – Singapore’s retail sales inJuly fell by 8.5 percent year-on-year, an improvement from June’s 27.7 percentplunge, according to the Department of Statistics (SingStat).
Compared to June, seasonally adjusted retail sales saw a27.4 percent increase month-on-month in July. This was attributed to a lowerbase in the previous month, when most physical stores were closed until June18, before Phase 2 of Singapore's reopening began.
The estimated total retail sales value in July was about 3.3 billion SGD (2.2billion USD), with online retail sales making up an estimated 11.0 percent.
Online retail sales of the computer and telecommunicationsequipment, furniture and household equipment, as well as supermarkets andhypermarkets industries made up 49.1 percent, 21.8 percent and 11.4 percent ofthe total sales of their respective industry.
Among the segments that were hard hit by July’s retail slumpwere department stores, which saw a 32.1 percent drop in sales; clothes andshoes (minus 27.7 percent); and watches and jewellery (minus 21 percent)./.
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Illustrative image (Source: https://www.businesstimes.com.sg/)
