SINGAPORE, Jan 3 — Singapore’s retail sales declined by 0.7 per cent year-on-year in November 2024 to S$4.1 billion (RM13.5 billion), reversing a 2.4-per cent growth recorded in October, according to data released on Friday by the Singapore Department of Statistics, as reported by Xinhua.

On a seasonally adjusted month-on-month basis, retail sales fell by 2.8 per cent in November, it said in a report.

Online retail sales accounted for an estimated 14.6 per cent of total sales, up from 12.6 per cent in October. The increase in the online share was driven by year-end shopping events such as Singles’ Day and Black Friday, the report said.

Meanwhile, sales of food and beverage (F&B) services rose 3.9 per cent year-on-year to S$970 million in November. This mirrors the same rate of growth seen in October, signalling consistent demand in the sector. — Bernama-Xinhua