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.