Singapore’s Retail and F&B Performance – September 2024 Highlights.
Pritam Dutta
Helping MSMEs in South-East Asia Thrive | Fractional C-Suite | Mentor | Recipient of Outstanding ASEAN Rising Star Award | Author
Retail trade and food & beverage (F&B) services are integral to Singapore's domestic consumption, catering to consumers’ daily needs and enjoyment. Retailers sell merchandise directly to consumers while F&B operators provide prepared food and drinks for consumption on-premises or take-away. The Retail Sales Index (RSI) and Food & Beverage Services Index (FSI) measure the performance of the retail trade and F&B services industries in Singapore respectively, based on the monthly sales of businesses in these industries. The key indicators also include a snapshot of the proportion of sales conducted online.
Retail Sales Insights
? Growth Trends: Retail sales in Singapore grew by 2.0% year-on-year in September 2024, driven largely by a significant 29.6% rise in motor vehicle sales. However, excluding motor vehicles, retail sales fell by 1.4%, indicating challenges in other sectors.
? Key Segments: Cosmetics, toiletries, and medical goods (+2.9%) and furniture & household equipment (+2.0%) saw growth, while categories like apparel & footwear, petrol stations, and department stores experienced declines.
? Online Sales: Online retail sales accounted for 13.8% of total retail sales, up from 12.2% in August. Notably, 51.0% of computer and telecommunications equipment sales occurred online, indicating a shift in consumer purchasing behavior.
领英推荐
Food & Beverage (F&B) Industry
? Sales Performance: F&B sales grew by 1.6% year-on-year, supported by food caterers (+19.1%) and cafes, food courts, and other eating places (+2.4%). In contrast, fast food outlets and restaurants saw slight declines.
? Online Orders: 23.9% of F&B sales were online, reflecting stable consumer adoption of food delivery and online ordering.
Broader Implications
? The data reflect a mixed landscape with motor vehicles and certain household goods thriving, while traditional retail segments face headwinds.
? The high online sales proportion underscores digital transformation in consumer behavior across retail and F&B, making digital strategy a critical focus for businesses.
Conclusion
While retail and F&B industries show resilience in some areas, overall performance is mixed, emphasizing the need for businesses to adapt to both in-store and digital trends to capture growth opportunities in Singapore’s evolving market.