Singapore retail sales decline for second consecutive month

Year-end holidays a factor, with residents spending abroad due to strong Singdollar

- Rosalind Ang

Retail sales remained subdued in December 2024, partly due to more residents travelling abroad during the year-end school holidays, analysts say.

Takings declined 2.9 per cent in that period, on the back of a 0.5 per cent decline the previous month, the Department of Statistics noted on Feb 5.

Excluding motor vehicle sales, retail turnover decreased 4 per cent last December, extending the 1.1 per cent decline in November 2024.

UOB economist Lester Koh noted that the weakness in retail sales was likely a result of residents spending abroad due to the strong Singapore dollar.

Resident outbound air departures have recovered and reached 107 per cent of 2019 levels.

Nine of 14 categories experienced year-on-year declines in December 2024, compared with seven the previous month.