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Singapore retail sales growth picks up to +1.7% in September; online share rises to 17.7%

Published Data as of SingaporeMacro & households
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Key points

Implications for lenders

Lenders financing retail purchases may see demand shift towards online channels, where 17.7% of sales now take place, and can adjust fraud and affordability checks for those flows. With motor vehicle sales down -2.4%, new car loan volumes may stay subdued. Nominal growth close to price inflation suggests sales volumes grew little, which is relevant to underwriting for revolving and instalment credit.

Implications

ExecutivesConsumer lenders in Singapore face a spending backdrop with modest nominal growth and a growing online channel, where point-of-sale and instalment credit is offered.
InvestorsRetail data point to soft real consumption rather than a sharp downturn; the month-on-month fall and weaker motor vehicle sales are the signals to track for consumer credit demand.
OperatorsOnline checkout volumes are growing faster than total retail; fraud and affordability checks on digital channels may need to keep pace.

Facts

The Singapore Department of Statistics (SingStat) reported on 5 November 2026 that retail sales at current prices rose +1.7% year on year in September 2026, up from +0.8% in August 2026 (revised from a first estimate of +0.7%). 1 Estimated total retail sales value was S$4.3 billion. 2 Excluding motor vehicles, parts and accessories, sales rose +2.5%, up from +1.7% in August 2026. 3

On a seasonally adjusted basis, retail sales changed -1.0% from August. 4

By segment, computer and telecommunications equipment sales rose +16.5%, mainly on mobile phones, 5 and petrol service station sales rose +6.5%, which SingStat linked to higher petrol prices. 6 Motor vehicle sales fell -2.4% 7 and department store sales fell -3.4%. 8

Online sales made up an estimated 17.7% of total retail sales, up from 15.6% in August 2026. 9 Food and beverage services sales rose +1.0%, reversing a 1.8% decline in August 2026. 10

Analysis

Year-on-year growth slowed from June to August and picked up only partly in September (chart). At +1.7%, nominal growth is close to the 1.2% rise in the retail and other goods component of the CPI in September 11 and below headline inflation of 2.2%. 12 The baskets differ, but the comparison suggests that sales volumes grew little, and part of the nominal gain came from higher petrol prices.

Hong Kong's retail sales value rose +6.4% in September 13, faster than Singapore's, though Hong Kong's figure includes visitor spending. Singapore's online share of 17.7% compares with 13.1% in Hong Kong 14; the two statistics offices estimate online sales differently, so the gap is indicative only.

Retail sales, year on year (current prices) (%)
0123442026-061.32026-070.82026-081.72026-09
Retail sales, year on year (current prices) (%)
2026-064
2026-071.3
2026-080.8
2026-091.7

Year-on-year change in SingStat's retail sales index at current prices; each month as given in the latest release that reports it · Source: SingStat: Monthly Retail Sales Index and Food & Beverage Services Index (monthly releases) (2026-06, 2026-07, 2026-08, 2026-09) Recent months may be revised in later releases.

Counterpoints and uncertainties

The September figures are preliminary and the August figure has already been revised; a single month of faster growth driven by phones and fuel prices may not last. The release gives no breakdown of how purchases were paid for, so the link to consumer credit use is indirect.

Key figures

  1. Retail sales, year on year (September 2026): +1.7% (up from +0.8% in August 2026 (revised from a first estimate of +0.7%)). Year-on-year change in the retail sales index at current prices (SingStat). Singapore retail trade. Basis date: 30 Sep 2026. Source: SingStat: Monthly Retail Sales Index and Food & Beverage Services Index, September 2026 (5 November 2026)
  2. Retail sales value (September 2026): S$4.3 billion. Estimated total retail sales value in the month at current prices (SingStat). Singapore retail trade. Basis date: 30 Sep 2026. Source: SingStat: Monthly Retail Sales Index and Food & Beverage Services Index, September 2026 (5 November 2026)
  3. Retail sales excluding motor vehicles, year on year (September 2026): +2.5% (up from +1.7% in August 2026). Year-on-year change in retail sales excluding motor vehicles, parts and accessories, current prices (SingStat). Singapore retail trade. Basis date: 30 Sep 2026. Source: SingStat: Monthly Retail Sales Index and Food & Beverage Services Index, September 2026 (5 November 2026)
  4. Retail sales, month on month, seasonally adjusted (September 2026): -1.0%. Month-on-month change in the seasonally adjusted retail sales index at current prices (SingStat). Singapore retail trade. Basis date: 30 Sep 2026. Source: SingStat: Monthly Retail Sales Index and Food & Beverage Services Index, September 2026 (5 November 2026)
  5. Computer & telecommunications equipment sales, year on year (September 2026): +16.5%. Year-on-year change in sales of computer and telecommunications equipment retailers, current prices (SingStat). Singapore retail trade. Basis date: 30 Sep 2026. Source: SingStat: Monthly Retail Sales Index and Food & Beverage Services Index, September 2026 (5 November 2026)
  6. Petrol service station sales, year on year (September 2026): +6.5%. Year-on-year change in sales of petrol service stations, current prices (SingStat). Singapore retail trade. Basis date: 30 Sep 2026. Source: SingStat: Monthly Retail Sales Index and Food & Beverage Services Index, September 2026 (5 November 2026)
  7. Motor vehicle sales, year on year (September 2026): -2.4%. Year-on-year change in sales of motor vehicles, parts and accessories, current prices (SingStat). Singapore retail trade. Basis date: 30 Sep 2026. Source: SingStat: Monthly Retail Sales Index and Food & Beverage Services Index, September 2026 (5 November 2026)
  8. Department store sales, year on year (September 2026): -3.4%. Year-on-year change in department store sales, current prices (SingStat). Singapore retail trade. Basis date: 30 Sep 2026. Source: SingStat: Monthly Retail Sales Index and Food & Beverage Services Index, September 2026 (5 November 2026)
  9. Online share of retail sales (September 2026): 17.7% (up from 15.6% in August 2026). Estimated online retail sales as a share of total retail sales value (SingStat). Singapore retail trade. Basis date: 30 Sep 2026. Source: SingStat: Monthly Retail Sales Index and Food & Beverage Services Index, September 2026 (5 November 2026)
  10. Food & beverage services sales, year on year (September 2026): +1.0% (reversing a 1.8% decline in August 2026). Year-on-year change in the food & beverage services index at current prices (SingStat). Singapore food & beverage services. Basis date: 30 Sep 2026. Source: SingStat: Monthly Retail Sales Index and Food & Beverage Services Index, September 2026 (5 November 2026)
  11. Retail and other goods inflation: 1.2% (down from 1.8% in August). Year-on-year change in the retail and other goods component of the CPI. Retail and other goods index. Basis date: 30 Sep 2026. Source: AsiaOne: Singapore core inflation dips to 2% in September (reporting MTI/MAS release of 2026-10-23)
  12. Headline CPI inflation (CPI-All Items): 2.2% (down from 2.3% in August). Year-on-year change in the consumer price index. Singapore, national. Basis date: 30 Sep 2026. Source: Xinhua: Singapore core inflation eases to 2 pct in September (2026-10-23)
  13. Retail sales value, year on year (September 2026): +6.4% (up from +5.6% in August 2026 (revised)). Year-on-year change in the provisional value of total retail sales (C&SD). Hong Kong retail outlets. Basis date: 30 Sep 2026. Source: Census and Statistics Department via info.gov.hk: Provisional statistics of retail sales for September 2026 (2026-11-03)
  14. Online sales share of retail sales value (September 2026): 13.1%. Online sales value as a share of total retail sales value in the month (C&SD). Hong Kong retail outlets. Basis date: 30 Sep 2026. Source: Census and Statistics Department via info.gov.hk: Provisional statistics of retail sales for September 2026 (2026-11-03)

Sources

  1. SingStat: Monthly Retail Sales Index and Food & Beverage Services Index, September 2026 (5 November 2026)primary
  2. SingStat: Press release PDF, Retail Sales Index and F&B Services Index, September 2026primary
  3. SingStat: Monthly Retail Sales Index and Food & Beverage Services Index, July 2026primary
  4. SingStat: Press release PDF, Retail Sales Index and F&B Services Index, August 2026 (5 October 2026)primary
  5. AsiaOne (5 November 2026): Singapore retail and F&B sales rise in September
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A Japanese version of this article is available: 日本語版

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