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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Singapore Retail Market Size
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.
Singapore Retail Market Outlook
- As per the World Bank, as of 2022, the final consumption expenditure of Singapore was over USD 186 billion.
- As per the Economic Development Board in Singapore, till 2030, the annual disposable income is expected to grow at 5.3% CAGR which can boost the demand of Singapore retail market.
- As per the Singapore Department of Statistics, total retail sales in February 2024 were worth USD 3.9 billion.
Singapore Retail Market Report Snapshots
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.*
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Key Questions Answered in the Report
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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