Retail sales jump 4.5% in January on festive buys, beating expectations

Tills ring in January

- Claire Huang

Retail sales in Singapore picked up sharply in January, beating expectations and starting the new year on a good note, with Chinese New Year celebrations taking place in the same month.

However, some analysts believe the strong numbers at the start of the year were likely to dip in February as the effects of the festive period fade.

Takings at the till rose 4.5 per cent year on year in January, a reverse from the decline of 2.9 per cent in December 2024, data from the Department of Statistics showed on March 5.

This beat the 2.1 per cent increase anticipated by economists in a Bloomberg poll.

Excluding motor vehicles, retail sales grew 4.8 per cent year on year, compared with the 4 per cent decline in December 2024.

Eight of the 14 categories, including food and alcohol, watches and jewellery, and cosmetics, as well as toiletries and medical goods, saw a rise in turnover.