What: Singapore retail sales rose 2 per cent in September, with growth moderating from previous months and online channels accounting for 17.6 per cent of sales.

Why it is important: The moderation in growth and divergence across categories reflect a maturing retail market, with digital transformation and evolving consumer priorities shaping sector performance.

Singapore’s retail sector experienced a 2 per cent year-on-year increase in September, marking a slowdown from August’s 4.7 per cent rise and reflecting a broader trend of fluctuating but resilient growth throughout 2025. The estimated retail sales value reached SG$3.5 billion, with online channels accounting for 17.6 per cent, underscoring the ongoing digital transformation of the market. Watches and jewellery continued to outperform, posting a 16.6 per cent year-on-year increase, while recreational goods and supermarkets also saw notable gains. In contrast, petrol service stations and apparel and footwear retailers recorded declines, highlighting the polarisation between essential and discretionary categories. Food and beverage services faced further pressure, with sales falling 1.6 per cent, driven by a weak restaurant sector, and 26.3 per cent of F&B sales occurring online. These results illustrate the evolving nature of consumer demand and the importance of digital channels, as well as the need for retailers to adapt strategies to sector-specific trends and shifting market dynamics.

IADS Notes: In July 2025, Singapore’s retail sales rose 4.1 per cent, led by technology, jewellery, and supermarkets, with online channels at 15.5 per cent (Inside Retail). June and May 2025 saw modest or flat growth, with online penetration steady at 14–16 per cent and sector performance diverging. March 2025 highlighted watches and jewellery as a growth leader, while December 2024’s 4 per cent decline underscored the polarisation between categories and the acceleration of digital adoption (Inside Retail).

Singapore retail sales see moderating growth in September