Singapore retail sales growth slows in July, but discretionary demand holds up

inside sporting goods store — Sales of recreational goods soar 13.9 per cent, driven by sporting goods. (Source: Bigstock)

By Sean Cao September 7, 2026

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Singapore retail sales grew more slowly in July, but spending in some discretionary categories remained elevated.

Retail sales – excluding motor vehicles, parts and accessories – increased 1.5 per cent year-on-year in July, down from 4.1 per cent in June, according to the Department of Statistics.

The estimated total retail sales value was SG$3.7 billion (US$2.9 billion), of which 18.3 per cent were from online.

By category, retailers of recreational goods and watches and jewellery recorded sales growth of 13.9 per cent and 11.1 per cent, respectively, mainly driven by higher sales of sporting goods and jewellery.

Despite the slower growth rate, the big jump in these categories shows that Singaporeans are still spending on the discretionary side, said Josh Gilbert, lead analyst for Apac at Etoro. This also marked the third straight month of double-digit growth for recreational goods and jewellery.

Fuel sales flipped from 8 per cent growth in June to a 1.1 per cent decline in July, which, according to Gilbert, shows record pump prices that flattered the headline earlier this year have started to ease. With oil prices spiking again recently, the analyst noted that the category will stay volatile for the rest of the year.

Sales of supermarkets, mini-marts and food and alcohol fell year over year. Gilbert said some of those numbers may be distorted by the SG60 vouchers that landed last July. Department stores continue to be a genuine weak spot, with a sixth decline in seven months.

“It’s a fascinating snapshot of how households are coping with higher living costs. Months of elevated prices at the pump and the checkout have made people more careful with routine spending, but that caution hasn’t dented the appetite for a big-ticket purchase,” said Gilbert.

“Singaporeans are still spending; they’ve just decided that if the money’s going out the door, it had better be on something memorable. Right now, this is a market where retailers serving the masses are struggling, while those attracting the wealthy thrive,” he added.