, Singapore
Photo by Singapore Stock Photos on Unsplash

Why retail sales growth is slowing down

Retail sales growth moderated to 13.7% YoY in July from 14.8% YoY in June. 

The momentum of retail sales growth continued to slow down in July, only increasing by 13.7% YoY from a 14.8% YoY increase in June.

In a report, RHB said the slowdown was likely because pent-up consumer demand during the start of 2022 has dissipated already.

RHB said the slower growth could also be on the back of a  higher inflation year-to-date that “may have dissuaded some retail expenditure.” 

Whilst momentum has decelerated year-to-date, RHB said it is still seeing “bright spots” for the retail sector, given the resumption of the F1 Singapore 2022 Grand Prix, the Great Singapore Sale,  and the front-loading of retail demand before a GST rate increase in 2023. 

“As such, we think retail sales growth will persist at double-digit YoY expansions in the third quarter of this year. While retail sales momentum decelerated in the recent month, online sales continued to flourish, thus suggesting that consumer demand has shifted away from the brick-and-mortar to e-commerce platforms,” RHB said.

For the entire year, RHB expects retail sales to grow by 10% YoY.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!