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On April 5, 2023, the latest figures released by the Singapore Department of Statistics (DOS) showed that retail sales increased 12.7% in February 2023, reversing the 0.8% decline in January 2023. On a seasonally adjusted basis, retail sales increased 3.9% in February 2023 over the previous month. Excluding motor vehicles, seasonally adjusted retail sales increased 2.0% compared to January 2023.
Total retail sales in February 2023 were S$3.6 billion, with online retail sales for about 12.4%. Food service sales grew by 21.6% year-on-year, with total sales of approximately S$898 million and online sales for approximately 23.2%.
The data shows that almost all retail sectors recorded year-on-year sales growth in February 2023: food and alcoholic beverages grew by 69%; apparel and footwear by 38.1%; and department stores and computer and telecommunications equipment, both by 26.1%.
FOZL Group provides one-stop corporate services to local and overseas companies, currently serving over 1,000 companies in Singapore. FOZL assist clients to register Singapore companies, and provide Accounting, Annual Return, Auditing, Tax Declaration, Trademark Registration, applying for Investment Promotion Policies, Corporate Advisory, Private Client Consultancy, establishing Family Offices and providing serviced office solutions for enterprise.
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