Singapore Retail Sales Growth Strengthen 4q2025 Rhb
Singapore’s retail market is projected to experience a surge in sales growth during the fourth quarter of 2025, despite having experienced a modest performance thus far this year, according to recent research conducted by RHB. The firm maintains its forecast of a 2.5% increase in retail sales for the entire year, citing a “cautiously optimistic” outlook for the remainder of the year.
This unchanged forecast comes after Singapore saw a boost in retail sales growth in August. Data from the Department of Statistics showed a 5.2% year-on-year increase in retail sales in August, surpassing the 4.6% growth recorded in the previous month.
The report by RHB highlights that this growth in August is the strongest recorded since February 2024, when a 8.4% year-on-year increase was observed. Including August’s figures, Singapore’s retail sales have grown by 2.2% so far this year.
RHB believes that retail activity will continue to remain stable in the last quarter of the year, supported by an increase in tourism during upcoming festive periods such as Deepavali and Christmas, as well as the year-end school holidays. In addition, government initiatives such as the distribution of SG60 and GST vouchers are expected to boost overall domestic demand in the short term. Eligible Singaporeans are set to receive up to $850 in cash from August, on top of the $600 in SG60 vouchers received in July.
RHB also remains optimistic due to healthy online sales data, which indicates strong consumer confidence. Online sales accounted for 13.1% of the total retail sales value of $4.3 billion in August, similar to the proportion in July. The majority of online sales were for computer and telecommunications equipment (54.5%), followed by furniture and household equipment (32.6%) and supermarkets or hypermarkets (11.3%).
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However, RHB cautions that this positive outlook for the retail market is dependent on economic conditions remaining stable. The report states that “a potential downside to our positive view could arise from a possible slowdown in Singapore’s economy and a weaker labour market in the second half of 2025.” Possible risks include reduced demand from external markets as a result of tariffs and lower labour demand in sectors such as manufacturing and wholesale trade.