Retail growth misses forecasts as food, supermarkets, and department stores record weaker sales.
Singapore’s retail sales continued to grow in July 2026, but the pace slowed sharply from June as performance varied widely across retail categories.
Retail Growth Slows to 1.5 Percent
Singapore’s retail sales rose 1.5 percent year-on-year in July 2026, slowing sharply from the 4 percent expansion recorded in June, according to the Singapore Department of Statistics. The result was also below the 3.1 percent median forecast in a Bloomberg survey of private-sector economists. Excluding motor vehicles, parts and accessories, retail sales also increased 1.5 percent from a year earlier.
Total Sales Reach S$4.4 Billion
The total value of retail sales was estimated at S$4.4 billion in July, while online transactions represented 15.4 percent of overall sales, down from 16.4 percent in June. Despite weaker annual growth, seasonally adjusted retail sales increased 0.9 percent month-on-month, which analysts said indicated that spending momentum had not stalled. Excluding vehicles, monthly sales grew 0.7 percent.
Recreational Goods and Jewelry Lead Growth
Performance varied significantly across Singapore’s retail industries, with only seven of 14 categories recording year-on-year growth. Recreational goods sales jumped 13.9 percent, largely driven by sporting goods, while watches and jewelry increased 11.1 percent and computer and telecommunications equipment rose 5.1 percent. Cosmetics, toiletries and medical goods gained 4.5 percent, while apparel and footwear increased 2.3 percent.
Food and Department Stores Struggle
Several retail categories recorded year-on-year declines. Food and alcohol sales fell 5.1 percent, department stores declined 3.5 percent, supermarkets and hypermarkets dropped 2.1 percent, and mini-marts and convenience stores fell 1.5 percent. Analysts said some year-on-year declines may reflect a high comparison base from SG60 voucher spending in July 2025, while department stores continue to face pressure from e-commerce competition and rising operating costs.
F&B Sales Extend Their Decline
Singapore’s food and beverage services sector also weakened, with sales falling 1.9 percent year-on-year to an estimated S$1.6 billion in July. Food courts and other eating places recorded the steepest decline at 6.6 percent, followed by cafes at 6.4 percent and restaurants at 0.3 percent. Fast-food outlets bucked the trend with sales rising 4.6 percent. DBS senior economist Chua Han Teng said rising inflation could erode consumers’ purchasing power and constrain retail sales growth in the coming months.
Singapore’s July figures show that consumer spending remains resilient but increasingly uneven, with discretionary categories outperforming food and traditional retail channels. For Singaporeans, higher living costs and changing shopping habits could continue reshaping spending decisions. For Indonesians, particularly businesses connected to Singapore through tourism, retail, and cross-border commerce, shifts in Singapore consumer demand can also influence opportunities in nearby markets such as Batam.
Sources: Straits Times (2026) , Business Times (2026)
Keywords: Singapore Retail Sales, Singapore Consumer Spending, July Retail Sales, Singapore Economy, Food And Beverage Sales, Online Retail Singapore
