Singapore Retail Sales Growth May Slow in Second Half, Report Says

Singapore’s retail sales growth momentum may slow in the second half of the year as rising economic headwinds could curb consumer spending. According to Jin10, Barnabas Gan, chief economist at RHB Bank Malaysia, said in a report that global geopolitical uncertainty was expected to weigh on consumer and business confidence, making people more cautious about spending on non-essential items such as fashion and entertainment products. The report said elevated fuel and transportation costs could gradually pass through to broader consumer prices, potentially pushing up inflation and affecting consumers’ purchasing power. The institution maintained its forecast that Singapore’s retail sales would grow 3.0% in 2026.