Case Study: 
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The early CNY celebration weighed on sales.

Retail sales dropped 10% YoY in February 2019 compared to 2018, according to data from the Department of Statistics (SingStat). Excluding motor vehicles, retail sales fell 10.7%.

A key contributing factor to the lower retail sales in February 2019 compared to 2018 was the Chinese New Year festive season which was celebrated in mid-February in 2018, whilst it occurred in early February in 2019, SingStat explained.

On a MoM basis, retail sales dipped 1.5% in February 2019.

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