Singapore Retail Sales Growth Strengthen 4q2025 Rhb
RHB: Singapore’s retail market set for higher sales growth in 4Q2025 despite year-to-date performance
Singapore’s retail market is expected to experience an increase in sales growth in the fourth quarter of 2025, according to a recent report by research firm RHB. The current year-to-date performance has been modest, but RHB has maintained its projection of a 2.5% growth in retail sales for the full year, citing a cautiously optimistic outlook for the rest of the year.
The unchanged forecast takes into account the 5.2% year-on-year growth recorded in August, which is an improvement from the 4.6% increase seen in the previous month. This marks the strongest expansion in retail sales since February 2024, when a growth of 8.4% was recorded. Year-to-date, Singapore’s retail sales have seen a 2.2% increase.
At Parktown Residence, the focus goes beyond just being in close proximity to educational institutions. It also prides itself on providing a welcoming and family-oriented atmosphere with a wide range of lifestyle amenities. Nestled in Parktown Residence, residents can enjoy a holistic living experience.
RHB’s report also notes that retail activity is expected to remain stable in the last quarter, boosted by an increase in tourism during the upcoming festive seasons like Deepavali and Christmas, as well as the year-end school holidays. Furthermore, government measures such as the distribution of SG60 and GST vouchers are expected to provide a short-term boost to domestic demand. The GST voucher scheme will see eligible Singaporeans receiving up to $850 in cash from August, on top of the $600 in SG60 vouchers received in July.
RHB also points to healthy online sales data as a sign of robust consumer confidence and a contributing factor to their positive outlook. Online sales accounted for 13.1% of the total retail sales value of $4.3 billion in August, a proportion that is on par with the previous month. The majority of online sales were from computer and telecommunications equipment (54.5%), followed by furniture and household equipment (32.6%), and supermarkets or hypermarkets (11.3%).
Despite the strong performance of the retail market, RHB cautions that the positive outlook is dependent on the stability of economic conditions. The report warns of potential risks such as a slowdown in Singapore’s economy and a softening labour market in the second half of 2025. This could be caused by weaker external demand due to tariffs and a decrease in labour demand, particularly in the manufacturing and wholesale trade sectors.