Retail sales dropped 3.2% in February despite surge in car deals

Total sales value stood at $3.4 billion.

Cars failed to save the day in February. Overall retail sales in Singapore booked a 3.2% year-on-year drop in February, despite a staggering 51.3% surge in motor vehicle sales.

Data from the Department of Statistics show that excluding motor vehicle sales, the drop in retail sales would have been more severe at 9.6% year-on-year.

On a month-on-month basis, retail sales rose 1.7% in February. Excluding motor vehicles, sales dropped 1.1%.

The total retail sales value in February 2016 was estimated at $3.4 billion, lower than $3.5 billion in February 2015.

Meanwhile, sales of food & beverage services increased 0.3% month-on-month in February. Sales dropped 1.9% on a year-on-year basis, with total sales value slipping to $677 million from $690 million.