Singapore's retail sales drop 2.9 pct in December

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Singapore's retail sales drop 2.9 pct in December

Source: Xinhua | 2025-02-05 | Editor:Ines

Singapore's retail sales fell by 2.9 percent year-on-year in December 2024, totaling 4.6 billion Singapore dollars (about 3.4 billion U.S. dollars), according to data released Wednesday by the Singapore Department of Statistics.

This follows a 0.5 percent decline in November.

On a seasonally adjusted month-on-month basis, retail sales dipped 1.5 percent in December, the report noted.

Online retail sales accounted for an estimated 13.4 percent of total sales, down from 14.7 percent in November, when major online shopping events such as Singles' Day and Black Friday boosted spending, the report said.

Meanwhile, sales of food and beverage services grew by 1.0 percent year-on-year to 1.0 billion Singapore dollars in December, slowing from the 4.0 percent increase recorded in November. (1 Singapore dollar equals 0.74 U.S. dollar)