Retail sales in S'pore up 2.2% in October

Motor vehicle sales drive increase in revenue, posting year-on-year rise of 18.4%

- Rosalind Ang

Retailers continue to enjoy increased turnover in the lead-up to Christmas, with vehicle buyers helping to drive revenue higher in October.

Takings at the till increased 2.2 per cent from the same month in 2023, and follow the 1.9 per cent year-on-year increase in September, the Department of Statistics noted on Dec 5.

Retail sales rose 1.9 per cent year on year from January to October, undershooting the 2.8 per cent registered in the same period a year ago, said OCBC Bank chief economist Selena Ling.

"This points to some retraction in terms of consumer demand, which could be in line with the gradually cooling domestic labour market, given the external headwinds and also the tapering visitor arrivals," she noted.