Institution: Singapore's retail sales growth may slow down in the second half of the year

Golden Ten Data reported on July 6 that Barnabas Gan, Chief Economist at Malaysia’s RHB Bank, stated in a report that Singapore’s retail sales growth momentum may slow down in the second half of the year as intensifying economic headwinds could restrain consumer spending. Global geopolitical uncertainty is expected to weigh on both consumer and business confidence, making people more cautious about spending on non-essential items such as fashion and entertainment products. Elevated fuel and transportation costs may also gradually filter into broader consumer prices, driving up inflation and impacting consumers’ purchasing power. The institution maintains its forecast of 3.0% retail sales growth in Singapore for 2026.