Retail sales plunge 24.3% to $30.1b in October

Luxury items continued to lead declines with a 42.9% drop in sales value.

Retail sales fell by 24.3% YoY to $30.1b in October compared to the same month in 2018, according to the Census and Statistics Department (C&SD). This is now the largest year-on-year decline for a single month on record, surpassing August’s dismal performance.

Also read: Retail sales down 18.3% in September

For the first ten months of 2019, it was provisionally estimated that the value of total retail sales dropped by 9% YoY compared with 10M 2018.

Luxury items continued to lead declines, with the sales of jewellery, watches and clocks, and valuable gifts plummeting 42.9% YoY in value during the month. Sales of electrical goods and other consumer durable goods not elsewhere classified also dropped by 16% YoY.

Further, medicines and cosmetics sales, Chinese drugs and herbs, and optical shops fell by 33.5% YoY, 18.9% YoY, and 26.5% YoY, respectively.

Meanwhile, food, alcoholic drinks and tobacco sales slipped 11.6% YoY in October; followed by declines in the sales of commodities in department stores (-31.1% YoY), wearing apparel (-36.9%); other consumer goods, not elsewhere classified (-23.3%); motor vehicles and parts (-19.9%); books, newspapers, stationery and gifts (-10.7%); footwear, allied products and other clothing accessories (-37.0%); and furniture and fixtures (-8.2%).

In contrast, the value of sales of commodities in supermarkets inched up by 0.5% YoY in October over a year earlier. This was followed by sales of fuels, which edged up 4.5% YoY in value.