Retail sales rise 1.1% YoY in March with broad segment gains

Excluding motor vehicles, retail sales were up 0.7% compared to the 6.5% contraction the previous month.

Singapore’s retail sector recorded a modest rebound in March 2025, with total retail sales rising 1.1% YoY, reversing a 3.5% decline in February.

Excluding motor vehicles, retail sales were up 0.7% compared to the 6.5% contraction the previous month. The total retail sales value was estimated at $4.3b, of which 13.4% came from online channels.

Despite the YoY uptick, momentum slipped on a MoM basis. Seasonally adjusted retail sales fell 2.8% from February, whilst sales excluding motor vehicles dropped 1.2%. Most retail segments experienced monthly declines, reflecting cautious consumer sentiment and weaker discretionary spending.

Watches & Jewellery stood out as the best-performing segment in March, surging 13.5% YoY, largely due to higher jewellery sales. Cosmetics, Toiletries & Medical Goods also posted solid growth at 3.6%, along with Supermarkets & Hypermarkets at 3.4%. In contrast, Petrol Service Stations (-8.2%) and Wearing Apparel & Footwear (-8.0%) saw notable declines.

Digital sales continued to account for a significant share of retail activity. Online sales made up 16.0% of total sales when excluding motor vehicles.

In sector-specific terms, Computer & Telecommunications Equipment led with 50.5% of its sales conducted online, followed by Furniture & Household Equipment at 32.8% and Supermarkets & Hypermarkets at 13.1%.

On a MoM basis, Watches & Jewellery rose 8.6%, and Recreational Goods climbed 5.6%, supported by seasonal and promotional factors. However, sharp declines were reported in Motor Vehicles (-12.4%), Miscellaneous Goods (-11.3%), and Optical Goods & Books (-7.7%), contributing to the overall monthly dip in retail sales.

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