On a y-o-y basis, retail sales saw a 13% y-o-y expansion for August, the fifth consecutive month of double-digit growth.
Analysts from UOB Global Economics & Markets Research, as well as from RHB Group Research are still positive about the outlook of Singapore retail sales, despite momentum slowing in August.
Singapore’s retail sales numbers fell 1.3% m-o-m in August, down from a 0.7% rise in July. This was led by retail sales excluding motor vehicles, including recreation goods (7.9% lower m-o-m) computer & telecommunication equipment (5.1% lower), and food & beverages (4.4% lower).
