Strong supermarket outlook driven by positive retail consumption trends

The segment is growing driven by cost efficiencies and new outlets.

With consumer spending in Singapore expected to remain strong, supermarkets are expecting a good year, according to a sector report by RHB.

RHB economist projects Singapore’s GDP will grow 3% year-on-year in 2025 following a solid 4% growth in 2024. This is driven by growth in manufacturing and services sectors which are benefiting from improving global demand.

2024 retail sales for supermarkets from January to November averaged 124 index points, outperforming the 122 points recorded in 2023. RHB said this also points to a more positive supermarket consumption growth momentum.

The sector’s growth was driven by cost efficiencies and new outlets. An example was DFI Retail Group’s disposal of Yonghui and Sheng Siong’s growth through an increase in store network and better consumer demand.

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