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Singapore retail sales recovering to pre-pandemic levels

Bryan Wu & Samantha Chiew
Bryan Wu & Samantha Chiew7/7/2022 02:41 PM GMT+08  • 3 min read
Singapore retail sales recovering to pre-pandemic levels
Retail sentiment in Singapore has greatly improved thanks to the reopening of the economy and resumption of tourism
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Retail sales in Singapore are expected to return to pre-pandemic levels by the end of this year, according to RHB Group Research economist Barnabas Gan, who has forecast a 10% y-o-y growth in retail sales for 2022, from the 11.1% expansion that was posted in 2021.

Already, Singapore is showing signs of improvement. Singapore’s retail sales expanded by 17.8% y-o-y in May, marking a third consecutive month of increase. Retail sales excluding motor vehicles surged 22.6% y-o-y while motor sales dipped 13.4% y-o-y. This growth was primarily led by higher spending in departmental stores and in selected discretionary goods such as wearing apparel & footwear, watches & jewellery, as well as recreational goods.

“Key drivers for retail sales in Singapore include the tight labour market seen year to date, whilst the gradual reopening of Asia’s borders should support tourism-led spending,” Gan writes.

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