Singapore Retail Market Size (2024 - 2029)

Singapore Retail Market Analysis

The retail sector is one of the largest in Singapore, delivering constant growth during the study period. Though the global COVID-19 pandemic has restricted the market from registering growth during 2020 to a great extent, owing to the comparatively higher market of e-commerce retailing in the country, the market recorded a moderate growth rate in 2020. High-yielding market segments, including food and beverages, cosmetics, apparel and footwear, accessories, and furniture, recorded a sudden drop in revenues during the second quarter of 2020, which was the highest drop during the study period. Food retailers recorded a sales drop of 47.4% year on year, which is the largest segment in the market. Similarly, furniture and household appliances recorded a drop of around 19% for the second quarter in 2020.

As the retail landscape transformed with the COVID-19 outbreak, it has become increasingly important for retailers to adapt to multiple sales channels. The trend of more consumers going for e-commerce platforms to purchase several important goods and services has increased in the country, fuelled by the closure of many physical retailing spaces and brick-and-mortar stores due to the safety measures. With the rising number of businesses planning to switch to the e-commerce channel, the Singaporean government introduced the Digital Resilience Bonus under the SMEs Go Digital program to encourage more businesses to digitalize. This includes a payout of up to SGD 5,000 for eligible businesses, should PayNow Corporate and e-invoicing and business process or e-commerce solutions be adopted.

Singapore Retail Industry Segmentation

The report on the Singapore retail sector provides a comprehensive evaluation of the market, with an analysis of the segments in the market. The Singapore Retail Sector is segmented by Products into Food and Beverages, Personal and Household Care, Apparel, Footwear and Accessories, Furniture, Toys and Hobby, Electronic and Household Appliances, and Other Products. By Distribution Channel, the market is segmented into Hypermarkets, Supermarkets and Convenience Stores, Specialty Stores, Department Stores, E-commerce, and Other Distribution Channels. The report offers market size and forecasts for the Singapore retail sector in Value (USD million) for all the above segments.