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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Singapore Retail Market Trends
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.
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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Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124