S'pore retail sales up 1.3% in Jan, tourism set to drive growth

China visa-free scheme, major events to boost takings in coming months: Analysts

- Prisca Ang

Retail sales in Singapore improved slightly in January, with analysts pointing to bright spots such as tourism and concerts that could boost consumption here.

Takings at the till inched up 1.3 per cent year on year in January, compared with a 0.5 per cent dip in December, according to figures released by the Singapore Department of Statistics on March 5.

However, excluding motor vehicles, retail sales fell 2.1 per cent, extending a 2.8 per cent decline in December, with half of the categories experiencing a drop in sales.

Compared with December and seasonally adjusted, January's retail sales fell 0.7 per cent, reversing the previous month's 0.1 per cent rise.

Sales of motor vehicles rose 37.3 per cent year on year in January, corresponding to a higher certificate of entitlement quota.

Food and alcohol retailers saw their takings grow by 8.5 per cent, while sales of watches and jewellery rose 5.3 per cent.

DBS Bank economist Chua Han Teng noted that the 8.5 per cent increase in food and alcohol sales was sharper than December's 4.5 per cent rise.