FX.co ★ Singapore Retail Sales Growth at 14-Month Low

Retail sales in Singapore rose 1.5% year-on-year in July 2026, the weakest increase since May 2025 and a clear slowdown from the 4% growth recorded in June. The deceleration was largely due to declines in several segments, including department stores (-3.5% vs -9.8% in June), food and alcohol (-5.1% vs -1.2%), optical goods and books (-2.2% vs 0%), and other goods (-4% vs 1.1%). Growth in turnover also eased for motor vehicles, parts and accessories (1.4% vs 3.6%), cosmetics, toiletries and medical goods (4.5% vs 8.7%), and computer and telecommunications equipment (5.1% vs 11.6%). By contrast, revenue growth strengthened in recreational goods (13.9% vs 7.6%) and watches and jewellery (11.1% vs 10.6%). Excluding motor vehicles, parts and accessories, total retail sales increased by 1.5%, after a 4.1% rise in June. On a seasonally adjusted month-on-month basis, retail activity expanded by 0.9%, matching the pace of the previous month.