What: Singapore retail sales extended their growth streak in May, supported by strong gains in recreational goods, watches and jewellery, and online sales.

Why it is important: The results reflect a maturing retail market where online penetration, price effects, and uneven consumer demand are increasingly influencing sales patterns.

Singapore’s retail sales rose 1.4% year on year in May, extending a growth streak that began in February, though momentum slowed from April’s 4.7% increase. On a seasonally adjusted monthly basis, sales fell 1% after growing 1.9% in April. Excluding motor vehicles, retail sales were up 1.4% year on year but down 1.1% month on month. Several categories drove the expansion. Recreational goods posted the strongest rise, followed by watches and jewellery, petrol service stations, cosmetics and toiletries, furniture and household equipment, and computer and telecommunications equipment. Petrol station sales were boosted by higher petrol prices. By contrast, food and alcohol sales and department stores recorded declines, showing that consumer demand remains uneven across retail formats. Online sales remained a key feature of the market, accounting for 17.7% of total retail sales value. Food and beverage services were flat year on year, with fast food and restaurants growing while food caterers and cafes declined.

IADS Notes: Singapore’s May 2026 retail performance builds on a series of recent Inside Retail reports showing that the market remains resilient but uneven. In May 2026, Inside Retail described Singapore’s retail sector as maintaining positive momentum, supported by digital transformation and category-specific gains, while in June 2026, Inside Retail showed how higher petrol prices could significantly lift headline retail sales. Earlier, Inside Retail reported in January 2026 that online channels and discretionary categories were contributing to stronger retail performance, and in December 2025 that jewellery demand was an important driver of sales growth. In November 2025, Inside Retail also pointed to moderating growth, strong online penetration, and diverging category performance, closely mirroring the current article’s findings. Together, these sources suggest that Singapore’s retail expansion is increasingly shaped by digital adoption, price effects, and shifting consumer priorities.

Singapore retail sales extend growth streak in May