Retail sales in Singapore experienced a decline of 2.9% in December 2024 compared to the same month in 2023, according to the latest figures released by the Singapore Department of Statistics. When excluding motor vehicles, the decrease was more pronounced at 4.0%. In contrast, the food and beverage services sector saw a slight increase of 1.0% over the same period.
The decline in retail sales highlights ongoing challenges within the sector, possibly influenced by changing consumer behaviours and economic conditions. The exclusion of motor vehicles from the data suggests that other retail categories may be underperforming, indicating a potential area of concern for businesses and policymakers alike.
Conversely, the modest growth in food and beverage services suggests resilience in this sector, possibly driven by increased dining out and consumer spending during the festive season. This growth, albeit small, may provide some optimism for businesses in the hospitality and dining industries.
