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The retail market in Singapore reached USD 36.25 billion in 2023. The market is expected to grow at a CAGR of 3.70% between 2024 and 2032, reaching USD 50.27 billion by 2032.
The market growth is led by supermarkets and hypermarkets as more traditional forms of distribution channels.
In Singapore, supermarkets and hypermarkets are typically retail stores that offer various products in the same place, ranging from foods, beverages, personal household care products, and consumer electronics and boost the growth of the Singapore retail market. Consumers appreciate the convenience of one-stop shopping, competitive pricing, and promotions offered by supermarkets and hypermarkets. Retailers like supermarkets also prioritize superior customer service and provide services like loyalty programs and home delivery.
The retail market within the country is likely to see growth due to rising consumption expenditure, and the capacity of Singapore citizens to spend more owing to a rising annual disposable income. As of August 2023, Singapore-based tech group ‘Sea’, ramped up investments in Shopee, its online shopping business, in a bid to compete with online shopping service TikTok Shop launched in 2021.
Online platforms have seen tremendous growth in Singapore’s online retail sector, which is a key trend in Singapore retail market. Therefore, this explains why online shopping, which is easy to access and allows for price comparisons, has become popular among young people. The COVID-19 pandemic also accelerated the adoption of online shopping with the inception of online platforms like Shopee and TikTok Shop.
As per the Singapore retail market dynamics and trends, Hunter Boots, a British footwear brand, announced the launch of its physical store in Southeast Asia in Singapore in July 2024. The brand has also opened its websites in Singapore and Malaysia as it aims to enhance its market reach in the Southeast Asian region.
According to the Singapore retail industry analysis, on a year-on-year basis, retail sales witnessed a growth rate of 1.6% in January 2024 followed by an 8.4% increase in February 2024. The total retail sales in February 2024 were USD 3.9 billion, and around 10.9% of this was from online retail sales which was less than the 11.0% online retail sales in January. Supermarkets and hypermarkets witnessed a growth of around 19.2% in February 2024. The sales of food and alcohol witnessed a surge of 31.4%, whereas watches and jewellery witnessed a growth of 16.8%. On the other hand, on a month-on-month basis, furniture and household equipment, witnessed a growth of 16.6%, whereas computer and telecommunications equipment saw a growth of 11.4% in February 2024.
As per the industry reports, Retail sales in Singapore witnessed a fall of 0.6% year-on-year in June 2024, whereas it witnessed a growth of 2.2% in May 2024. The total retail sales for June 2024 was USD 3.8 billion, out of which around 12.1% was online retail sales. Computer and telecommunications equipment, furniture and household equipment, and supermarkets and hypermarkets constituted around 49.0%, 32.7%, and 12.5% of the total online retail sales, which contributed to the growth of the Singapore retail industry.
As per the Bloomberg data, around 7 million visitors come to shop in the luxury shopping area of Orchard Road which consists of exclusive restaurants, and Hermès and Dior stores, every year. This surge in luxury shopping in the country is further expected to contribute to the Singapore retail industry revenue.
Singapore Retail Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Product
Market Breakup by Distribution Channel
Food, beverage, and grocery entails a wide range of consumable goods, including fresh and packaged food in the retail market within the country. Personal and household care which encompass a wide array of products designed for personal hygiene and grooming which cater to everyday needs and preferences are also leading growth in Singapore retail industry.
Major market players are expanding their outreach through investments in sustainability and ethical consumption along with a focus on health and wellness. Digital infrastructure and technological innovation through contactless payments and cashless transactions also help with improved customer experience.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product |
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Breakup by Distribution Channel |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Singapore Retail Market Growth
Singapore Retail Market Trends
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Retail Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Retail Historical Market (2018-2023)
8.3 Asia Pacific Retail Market Forecast (2024-2032)
9 Singapore Retail Market Overview
9.1 Key Industry Highlights
9.2 Singapore Retail Historical Market (2018-2023)
9.3 Singapore Retail Market Forecast (2024-2032)
10 Singapore Retail Market by Product
10.1 Food, Beverage, and Grocery
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Personal and Household Care
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Apparel, Footwear, and Accessories
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Furniture and Home Décor
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Electronic and Household Appliances
10.5.1 Historical Trend (2018-2023)
10.5.2 Forecast Trend (2024-2032)
10.6 Others
11 Singapore Retail Market by Distribution Channel
11.1 Supermarkets and Hypermarkets
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Convenience Stores
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Speciality Stores
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Online
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Others
12 Market Dynamics
12.1 SWOT Analysis
12.1.1 Strengths
12.1.2 Weaknesses
12.1.3 Opportunities
12.1.4 Threats
12.2 Porter’s Five Forces Analysis
12.2.1 Supplier’s Power
12.2.2 Buyer’s Power
12.2.3 Threat of New Entrants
12.2.4 Degree of Rivalry
12.2.5 Threat of Substitutes
12.3 Key Indicators for Demand
12.4 Key Indicators for Price
13 Competitive Landscape
13.1 Market Structure
13.2 Company Profiles
13.2.1 CK Hutchison Holdings Limited (Watsons)
13.2.1.1 Company Overview
13.2.1.2 Product Portfolio
13.2.1.3 Demographic Reach and Achievements
13.2.1.4 Certifications
13.2.2 Japan Foods Holding Ltd.
13.2.2.1 Company Overview
13.2.2.2 Product Portfolio
13.2.2.3 Demographic Reach and Achievements
13.2.2.4 Certifications
13.2.3 Alibaba Group Holding Ltd. (Redmart)
13.2.3.1 Company Overview
13.2.3.2 Product Portfolio
13.2.3.3 Demographic Reach and Achievements
13.2.3.4 Certifications
13.2.4 DFI Retail Group Holdings Limited
13.2.4.1 Company Overview
13.2.4.2 Product Portfolio
13.2.4.3 Demographic Reach and Achievements
13.2.4.4 Certifications
13.2.5 Sheng Siong Group Ltd.
13.2.5.1 Company Overview
13.2.5.2 Product Portfolio
13.2.5.3 Demographic Reach and Achievements
13.2.5.4 Certifications
13.2.6 Crayon Holdings Pte Ltd.
13.2.6.1 Company Overview
13.2.6.2 Product Portfolio
13.2.6.3 Demographic Reach and Achievements
13.2.6.4 Certifications
13.2.7 NTUC FairPrice Co-operative Limited
13.2.7.1 Company Overview
13.2.7.2 Product Portfolio
13.2.7.3 Demographic Reach and Achievements
13.2.7.4 Certifications
13.2.8 QAF Ltd.
13.2.8.1 Company Overview
13.2.8.2 Product Portfolio
13.2.8.3 Demographic Reach and Achievements
13.2.8.4 Certifications
13.2.9 U Stars Supermarket Pte Ltd.
13.2.9.1 Company Overview
13.2.9.2 Product Portfolio
13.2.9.3 Demographic Reach and Achievements
13.2.9.4 Certifications
13.2.10 Amnesty Pte Ltd.
13.2.10.1 Company Overview
13.2.10.2 Product Portfolio
13.2.10.3 Demographic Reach and Achievements
13.2.10.4 Certifications
13.2.11 Others
14 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Retail Market: Key Industry Highlights, 2018 and 2032
2. Singapore Retail Market: Key Industry Highlights, 2018 and 2032
3. Singapore Retail Historical Market: Breakup by Product (USD Billion), 2018-2023
4. Singapore Retail Market Forecast: Breakup by Product (USD Billion), 2024-2032
5. Singapore Retail Historical Market: Breakup by Distribution Channel (USD Billion), 2018-2023
6. Singapore Retail Market Forecast: Breakup by Distribution Channel (USD Billion), 2024-2032
7. Singapore Retail Market Structure
The market was valued at USD 36.25 billion in 2023.
The market is projected to grow at a CAGR of 3.70% between 2024 and 2032.
The revenue generated from the retail market is expected to reach USD 50.27 billion in 2032.
Based on product, the retail market is split into food, beverage, and grocery, personal and household care, apparel, footwear, and accessories, furniture and home décor, electronic and household appliances and others.
The retail market key players are CK Hutchison Holdings Limited (Watsons), Japan Foods Holding Ltd., Alibaba Group Holding Ltd. (Redmart), DFI Retail Group Holdings Limited, Sheng Siong Group Ltd., Crayon Holdings Pte Ltd., NTUC FairPrice Co-operative Limited, QAF Ltd., Stars Supermarket Pte Ltd., Amnesty Pte Ltd., and others.
Based on the distribution channel, the market is split into supermarkets and hypermarkets, convenience stores, speciality stores, online and others.
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