Retail sales surge in October 2024, driven by strong online performance and motor vehicle sales

SINGAPORE: Retail sales in October 2024 increased 2.2% year over year to $4.1 billion. A significant 12.7% of this growth was driven by online sales, reflecting the continued shift towards digital shopping.

Excluding motor vehicles, retail sales grew a modest 0.3% YoY, totalling $3.6 billion, with online sales accounting for an even larger share at 14.7%.

According to the latest Singapore Business Review report, motor vehicle sales were the standout performer, recording an impressive 18.4% growth, thanks in part to an increased quota for the Certificate of Entitlement (COE), which boosted vehicle registrations.

Furniture and household equipment also saw notable gains, growing 5.7% compared to last year, while food and alcohol sales increased by 5.5%, showing steady consumer demand in these sectors.

However, not all segments experienced positive growth. Sales of computer and telecommunications equipment fell by 10.9%, while optical goods and books saw a decline of 5.8%, reflecting a mixed retail landscape.

Despite these drops, online sales remained strong in specific categories, with computer and telecommunications equipment leading at 47.7%, followed by furniture and household equipment at 31.5%.

Overall retail sales showed a slight increase of 0.1% on a month-on-month basis, with food and alcohol sales standing out with an 8.5% rise.

The retail sector displayed a mix of trends, with some areas thriving while others struggled, painting a complex picture of consumer behavior in October.