Singapore retail sales growth slows to 3% in May 2026

Singapore’s Department of Statistics reported that retail sales increased 3 percent year‑on‑year in May 2026, marking the weakest annual growth since January. The rise follows a 5.4 percent gain in April and was below private‑sector economists’ median forecast of 6.5 percent.

Growth was driven by recreational goods (+23.6 %), watches and jewellery (+11.7 %), and petrol service stations (+9.5 %). Other sectors showed modest gains, such as cosmetics, toiletries and medical goods (+4.9 %) and furniture and household equipment (+4.5 %). Declines were seen in food and alcohol sales (‑3.7 %), motor vehicles (‑0.8 %), and department stores (‑3.3 %). On a seasonally adjusted month‑on‑month basis, overall retail activity fell 2.3 percent.

The data suggests a slowdown in consumer spending after strong gains earlier in the year, while some discretionary segments continued to expand.