Retail Sales Index – August 2021

October 11, 2021

Retail sales fell 2.8% in August 2021 on a year-on-year basis, a reversal from the 0.2% growth in July 2021. The decline in August 2021 was attributed mainly to lower motor vehicle sales (-17.5%) that corresponded with the lower COE quota this year. Excluding motor vehicles, retail sales was at a similar level as August 2020, compared to the 2.0% year-on-year increase in July 2021. Retail sales value in August 2021 remained below pre-COVID levels. On a seasonally adjusted basis, retail sales fell 0.6% in August 2021 over the previous month. Excluding motor vehicles, seasonally adjusted retail sales declined 1.2% compared to July 2021.

The estimated total retail sales value in August 2021 was $3.4 billion. Of this, online retail sales made up an estimated 14.1%, compared to the 13.8% recorded in July 2021. Excluding motor vehicles, the total retail sales value was about $2.9 billion, where online retail sales made up 16.4%. Online retail sales of the Computer & Telecommunications Equipment, Furniture & Household Equipment and Supermarkets & Hypermarkets industries made up 56.5%, 31.5% and 14.0% of the total sales of their respective industry.

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