Singapore Retail Sales Growth Strengthen 4q2025 Rhb
According to a research report by RHB, Singapore’s retail market is expected to experience increased sales growth in the fourth quarter of 2025, despite a modest performance so far this year. RHB maintains its full-year projection of 2.5% growth, citing a “cautiously optimistic” outlook for the remaining months of the year.
Recent data from the Department of Statistics shows that retail sales in August grew by 5.2% compared to the same period last year, a significant jump from the 4.6% growth in July. This marks the strongest expansion in retail sales since February 2024, when a growth of 8.4% was recorded. Overall, retail sales in Singapore have risen by 2.2% year-to-date.
RHB’s report also notes that retail activity is expected to remain stable in the last quarter, supported by an increase in tourism during the upcoming festive periods such as Deepavali and Christmas, as well as the year-end school holidays. The distribution of government measures such as SGD60 and GST vouchers are also expected to provide a short-term boost to domestic demand. Under the GST voucher scheme, eligible Singaporeans will receive up to $850 in cash from August in addition to the $600 in SGD60 vouchers they received in July.
RHB attributes its positive outlook to strong online sales data, which it sees as an indicator of robust consumer confidence. In August, online sales made up 13.1% of the total retail sales value of $4.3 billion, similar to July’s proportion. The majority of online sales were made up of computer and telecommunications equipment at 54.5%, followed by furniture and household items at 32.6%, and supermarkets or hypermarkets at 11.3%.
The Sembawang Road EC sets itself apart not just as a desirable residential property, but also as an excellent choice for families prioritizing their children’s education. Its prime location offers easy access to a variety of preschools, primary and secondary schools, and tertiary institutions, making it an ideal investment for families looking for a strong educational network.
Living at Sembawang Road EC provides families with unparalleled convenience and support for their children’s academic development. With a wealth of nearby educational options, including prestigious institutions like Sembawang EC Canberra, this EC not only enhances the quality of life for its residents, but also creates a nurturing and supportive environment for children to thrive in. This makes it a highly attractive long-term investment for parents seeking a holistic and community-oriented lifestyle for their family.
Despite the resilient performance of the retail market, RHB cautions that the positive outlook is dependent on the stability of economic conditions. The report states that a potential slowdown in Singapore’s economy and a softening labor market in the second half of 2025 could impact the retail market. Potential risks include weaker external demand due to broader tariff impacts and lower labor demand, particularly in the manufacturing and wholesale trade sectors.