Singapore's retail sales experienced a 3% year-on-year increase in May 2026, extending the 5.4% growth recorded in April. However, this growth fell short of the 6.5% median forecast by private-sector economists.
The total retail sales value for May was estimated at S$4.5 billion. Excluding motor vehicles, parts, and accessories, sales rose by 3.7%, a slight moderation from April's 4.5% expansion.
On a seasonally adjusted, month-on-month basis, retail sales declined by 2.3% in May, reversing April's 0.3% increase. Excluding motor vehicles, parts, and accessories, sales slipped by 1.8% month-on-month.
Most retail sectors recorded year-on-year growth in May. Recreational goods led with a 23.6% increase, followed by watches and jewellery at 11.7%, and petrol service stations at 9.5%. Online retail sales accounted for 15.1% of total sales, up from 14.7% in April.
Conversely, food and alcohol retailers and department stores faced declines, with sales dropping by 3.7% and 3.3% respectively. The food and beverage services sector remained flat, with a 0% year-on-year growth.
The moderation in retail sales growth suggests a potential softening in consumer demand, which could have broader implications for Singapore's economic outlook.