Retail Sales Index – November 2022January 26, 2023
On a year-on-year basis, retail sales increased 6.2% in November 2022, following the 10.3% increase in October 2022. Excluding motor vehicles, retail sales rose 8.7%, extending the 14.2% increase in October 2022. On a seasonally adjusted basis, retail sales declined 3.7% in November 2022 over the previous month. Excluding motor vehicles, seasonally adjusted retail sales fell 4.3% compared to October 2022.
The estimated total retail sales value in November 2022 was $4.0 billion. Of this, online retail sales made up an estimated 14.8%, compared to the 13.0% recorded in October 2022. Excluding motor vehicles, the total retail sales value was about $3.6 billion, of which 16.5% came from online retail sales. 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 51.4%, 34.2% and 14.5% of the total sales of their respective industry. Click here to find out more.