Retail Sales Index – November 2021January 7, 2022
Retail sales grew by 1.9% in November 2021 on a year-on-year basis, compared to the 7.5% increase in October 2021. Excluding motor vehicles, retail sales rose 4.1%, compared to the 11.5% growth in October 2021. The larger year-on-year increase in October 2021 was partly attributed to the Computer & Telecommunications Equipment industry recording higher mobile phone sales due to new product launches. On a seasonally adjusted basis, retail sales increased 2.5% in November
2021 over the previous month. Excluding motor vehicles, seasonally adjusted retail sales increased 2.9% compared to October 2021. Retail sales value in November 2021 remained below pre-COVID levels.
The estimated total retail sales value in November 2021 was $3.7 billion. Of this, online retail sales made up an estimated 16.9%, compared to the 15.2% recorded in October 2021. Excluding motor vehicles, the total retail sales value was about $3.3 billion, where online retail sales made up 19.3%. The higher online retail sales proportion was mainly attributed to more sales recorded during the year-end online shopping events such as Singles’ Day (11.11) and Black Friday. Online retail sales of the Computer & Telecommunications Equipment, Furniture & Household Equipment and Supermarkets & Hypermarkets industries made up 55.6%, 34.2% and 16.1% of the total sales of their respective industry.
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