Retail Sales Index – March 2022

May 6, 2022

Retail sales increased 8.7% in March 2022 on a year-on-year basis, a reversal from the 3.5% decrease in February 2022. Excluding motor vehicles, retail sales rose 13.4%, a reversal from the 1.9% decline in February 2022. The year-on-year increase in retail sales in March 2022 was partly attributed to larger growths in industries such as Computer & Telecommunications Equipment, Wearing Apparel & Footwear and Cosmetics, Toiletries & Medical Goods. On a seasonally adjusted basis, retail sales increased 7.5% in March 2022 over the previous month. Excluding motor vehicles, seasonally adjusted retail sales increased 8.3% compared to February 2022.

The estimated total retail sales value in March 2022 was $3.9 billion. Of this, online retail sales made up an estimated 14.9%, higher than the 13.5% recorded in February 2022. The higher online retail sales proportion was attributed to more online sales recorded during promotional events in March 2022. Excluding motor vehicles, the total retail sales value was about $3.3 billion, where online retail sales made up 17.4%. Online retail sales of the Computer & Telecommunications Equipment, Furniture & Household Equipment and Supermarkets & Hypermarkets industries made up 51.0%, 33.6% and 16.2% of the total sales of their respective industry.

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