Singapore Market Outlook H2 2025

RETAIL Retail sales under pressure

RETAIL SALES INDEX

ONLINE RETAIL SALES PERFORMANCE • Physical stores continue to account for the bulk of retail sales, while online sales have steadied at around 14–15% of the total market.

• Singapore’s retail sales were resilient despite economic uncertainty. Slower tourism recovery and continued overseas spending by locals due to stronger Singapore dollar may temper sales ahead, though government support could help cushion the impact.

12% 15% 18%

0 0.5 1 1.5 2 2.5 3 3.5 4

10% 15% 20%

108

103

98

0% 5%

0% 3% 6% 9%

93

-20% -15% -10% -5%

88

Retail Sales ($B)

Retail Ssales

Y-o-Y Change

Retail Sales Index

83

2019 2020 2021 2022 2023 2024 2025 May YTD Average Monthly Total Retail Sales (excl Online Sales) Average Monthly Online Retail Sales (S$B) Average Monthly % of Online Retail Sales out of Total Retail Sales

78

% of Online Retail Sales over Total

2019 2020 2021 2022 2023 2024 2025 May YTD

Retail Sales Index

Y-o-Y Change

Source: DOS, Cushman & Wakefield Research

Source: DOS, Cushman & Wakefield Research Note: Retail sales index excluding motor vehicles