Retailers may face pressure as Budget 2026 eyes AI and manufacturing

Cost-of-living moderation aid could weigh on Sheng Siong and retail malls.

Singapore’s Budget 2026 may focus on measures supporting AI infrastructure, manufacturing, and the property sector, though reduced cost-of-living handouts could weigh on consumer-facing stocks.

Any reduction in cost-of-living support compared with the $800 CDC vouchers disbursed previously could weigh on Sheng Siong Group, according to a DBS Group Research report.

“This may also translate to lower footfall and spending for FCT’s suburban retail malls, especially if ad-hoc schemes such as climate vouchers are absent,” it said.

On the other hand, infrastructure providers such as Singtel and Keppel DC REIT may benefit from the multi-year push towards AI, with data centre capacity as a potential factor.

SG-listed technology firms integrated into global supply chains, such as UMS Integration, Frencken, AEM Holdings, and Venture Corporation, could also gain from government support for advanced manufacturing.

“Property agencies could benefit if financing restrictions for EC buyers are eased, or if the waiting period for private property ‘down graders’ to public housing is removed,” the report added.

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