Retail Sales Index (RSI) and Food & Beverage Services Index (FSI) – November 2024
March 7, 2024Retail Sales Index (RSI) and Food & Beverage Services Index (FSI) – November 2024
Retail trade and food & beverage (F&B) services play a key role in Singapore’s domestic consumption by fulfilling consumers’ everyday needs and providing enjoyable experiences. While retail businesses focus on selling goods directly to consumers, F&B operators serve prepared food and beverages for dine-in or takeaway. The Retail Sales Index (RSI) and Food & Beverage Services Index (FSI) track the monthly performance of these industries, offering insights into sales trends and the share of online sales.
Retail Trade Overview – November 2024
Year-on-Year Performance Retail sales saw a 0.7% decline in November 2024 compared to the same period last year, reversing the 2.4% growth observed in October 2024. Excluding motor vehicles, retail sales fell 1.4%, compared to a 0.5% increase in October.
Month-on-Month Performance (Seasonally Adjusted) Retail sales dropped 2.8% in November 2024 compared to October 2024. Excluding motor vehicles, sales declined 2.1%.
The estimated total retail sales value for November 2024 was $4.1 billion, with 14.6% derived from online retail sales—up from 12.6% in October 2024. Excluding motor vehicles, retail sales were approximately $3.6 billion, with 16.6% conducted online. This increase was largely driven by year-end online shopping events like Singles’ Day (11.11) and Black Friday.
Online retail sales accounted for:
- 52.5% of Computer & Telecommunications Equipment sales,
- 35.2% of Furniture & Household Equipment sales,
- 13.4% of Supermarkets & Hypermarkets sales.
Industry-Specific Performance
Year-on-Year Changes (Current Prices)
- Industries such as Computer & Telecommunications Equipment, Mini-marts & Convenience Stores, and Petrol Service Stations saw sales decrease between 5.4% and 11.0%.
- Conversely, Food & Alcohol and Motor Vehicles experienced growth of 5.6% and 5.2%, respectively.
- Recreational Goods recorded a 2.7% increase, largely due to a surge in demand for sporting goods.
Month-on-Month Changes (Seasonally Adjusted)
- Sales in most industries declined compared to October 2024, including:
- Motor Vehicles, Food & Alcohol, and Supermarkets & Hypermarkets, with drops between 3.5% and 7.7%.
- On the other hand, Optical Goods & Books saw a 2.1% month-on-month increase.