Singapore retail sales bounce back in March, rising by 1.1%
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The total retail sales value in March was $4.3 billion in Singapore.
ST PHOTO: TARYN NG
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SINGAPORE – Retail sales in Singapore rebounded in March, with the highest growth seen in watches and jewellery.
On a year-on-year basis, retail sales grew 1.1 per cent, against the previous month’s 3.5 per cent fall, according to figures released by the Singapore Department of Statistics on May 5.
Excluding motor vehicles, retail sales rose 0.7 per cent, compared with the 6.5 per cent decline in February.
The total retail sales value in March was $4.3 billion. Online sales accounted for 13.4 per cent of this, higher than February’s 12.3 per cent.
Online retail sales made up 50.5 per cent of the total sales of computer and telecommunications equipment; 32.8 per cent of that for furniture and household equipment; and 13.1 per cent of the total sales for supermarkets and hypermarkets.
Within the retail trade sector, half of the industries recorded year-on-year growth in sales in March, with watch and jewellery sales seeing the highest growth of 13.5 per cent, due to higher sales of jewellery.
Similarly, sales of cosmetics, toiletries and medical goods rose 3.6 per cent, while that of supermarkets and hypermarkets rose 3.4 per cent.
In contrast, the petrol service stations sector and the wearing apparel and footwear sector recorded year-on-year sales declines of 8.2 per cent and 8 per cent respectively.
Despite the headline year-on-year improvement in March, the performance across the 14 major categories was mixed, said DBS Bank senior economist Chua Han Teng.
He added that discretionary spending on items such as wearing apparel and footwear, optical goods and books declined year on year in March.
Household spending and retail sales have the potential to be dampened by softer domestic labour market conditions, he said.
Food and beverage sales fell 2.8 per cent in March on a year-on-year basis, extending the 5.7 per cent drop in the previous month.
On a seasonally adjusted basis, sales of food and beverage services declined 3.2 per cent in March compared with the previous month.
The total sales value of food and beverage services in March was estimated at $960 million. Of this, an estimated 24.9 per cent was from online sales, higher than the 23.2 per cent recorded in February.
Year-on-year declines were seen for restaurants at 6.6 per cent, and fast-food outlets at 3.6 per cent. On the other hand, sales for food caterers went up 19.6 per cent.
Mr Chua said that while Singapore’s retail sales appeared resilient in the first quarter of 2025, he foresees downside risks over the coming months.
“Elevated global trade tensions are likely to negatively impact Singapore’s export-reliant economy, especially in the second half of 2025, weighing on business hiring and wage increment, and consequently pulling back retail sales,” said Mr Chua.
