Chart of the Day: Is the restaurant segment pulling F&B sales down?

It recorded an 8.8% contraction in August.

It would seem like Singaporeans were starting to cut on luxuries as sales from the restaurant segment fell in August.

According to the latest figures from the Department of Statistics (SingStat), Food & Beverage Service Index contracted 2.5% in August, with the restaurant segment leading the declines at 8.8%.

This is in contrast with the increase in the sales of other eating places, fast food outlets and food caterers, which tread between 0.3% and 2.0% in the said month.

The disappointing results of the F&B sales index contributed to the declining overall retail sales in the said month.

Based on SingStat, retail sales index slumped 1% in August, following a 2.8% growth in the previous month.