What: Singapore’s retail sales grew 3.7% in October, driven by strong jewellery demand and robust online sales.

Why it is important: The continued expansion of online sales and sector-specific gains highlight evolving consumer preferences and successful retail adaptation.

Singapore’s retail sector regained momentum in October, with sales rising 3.7% compared to the previous year, signaling renewed consumer confidence after a period of slower growth. The watches and jewellery segment stood out, posting a remarkable 25% increase for the third consecutive month, largely propelled by heightened demand for jewellery. Online channels accounted for 16.8% of total retail sales, reflecting the ongoing shift toward digital commerce and the sector’s ability to integrate new consumer behaviors. While most retail categories experienced year-on-year growth, recreational goods, optical goods, books, and cosmetics also saw notable gains, further illustrating the diversity of consumer interests. In contrast, petrol service stations, apparel, and food and alcohol sales declined, underscoring the uneven recovery across segments. Food and beverage services reversed a previous dip, climbing 2.4% to reach SG$1 billion in sales. These results highlight the sector’s adaptability and the importance of category leadership in navigating changing market dynamics. 

IADS Notes: Singapore’s October retail performance aligns with trends observed in Inside Retail (March, July, September, and November 2025), where watches and jewellery consistently outperformed and online sales maintained a strong share of total revenue. Reports from August 2025 further confirm the sector’s maturity in balancing digital and physical channels, while ongoing category shifts reflect evolving consumer priorities and the market’s resilience.

Strong jewellery demand buoys Singapore retail sales growth