Singapore Department of Statistics · · Revised 239 series
Singapore September retail volumes fall 2.8% as fuel costs weigh on spending
Singapore's retail sales volume fell 2.8% month on month in September after seasonal adjustment. Sales value rose 1.7% year on year. Households paid more but bought less, which points to high fuel prices.
A data update from FactIQ, written from Singapore Department of Statistics figures. What is FactIQ?
Key figures
- Singapore retail sales volume, September, month on month, seasonally adjusted
- -2.8%index fell to 97.18; volume 2.5% lower year on year before seasonal adjustment2022-10-012026-09-01Retail Sales Index, (2025 = 100), In Chained Volume Terms, Monthly, Seasonally Adjusted - Total
- Singapore retail sales in current prices, September, year on year
- 1.7%estimated S$4,271m vs S$4,199m a year earlier
- Singapore construction contracts awarded, September
- S$6.26bnup from S$1.37bn in August; about 56% higher year on year2022-10-012026-09-01Contracts Awarded By Sector And Development Type, Monthly - Total Public & Private Sector
- Singapore public-sector construction contracts awarded, September
- S$4.70bnpart of the S$6.26bn total2022-10-012026-09-01Contracts Awarded By Sector And Development Type, Monthly - Total Public Sector
Households spent more in September but bought less
The Retail Sales Index in chained volume terms measures how much shoppers buy once price changes are removed. In September it fell 2.8% month on month (m/m), seasonally adjusted (SA), to 97.18. Before seasonal adjustment, volume was 2.5% lower year on year (y/y). In current prices, sales rose 1.7% y/y. Estimated sales were S$4,271m (million Singapore dollars), compared with S$4,199m a year earlier. The gap between value and volume is the widest in recent months.
Petrol stations showed the clearest drop
- Petrol service station volumes fell 4.3% m/m (SA) and about 10% y/y. Their current-price index is still above its level a year ago.
- Excluding motor vehicles, volumes fell 2.6% m/m (SA) and 1.7% y/y.
- Motor vehicle volumes rose 3.9% m/m. Cosmetics fell 11% m/m.
- The Food & Beverage Services Index, which tracks spending at restaurants and other eateries, rose 0.2% m/m (SA) in volume terms and was 0.7% lower y/y before adjustment.
Construction contracts and factory optimism both rose sharply
In September, the value of construction contracts awarded rose to S$6.26bn (billion Singapore dollars), from S$1.37bn in August. That was about 56% higher y/y. Public-sector contracts made up S$4.70bn of the total. Progress payments, the amounts paid for work completed, were S$4.25bn, about 17.5% above a year earlier. Manufacturers' outlook also improved. The net balance of firms expecting better business over the next six months rose to +25.2 from 11.7 (SA).
Visitor numbers slipped and business closures rose
September visitor arrivals were 1.227m (million), 2.2% lower y/y, after small y/y declines in July and August. Hotel room revenue was S$439.9m, up 0.8% y/y. The 2025 annual arrivals total was revised up to 16.24m. In October, 6,994 new business entities were formed, up 1.6% y/y, and 5,238 closed, up 6.7% y/y. Earlier construction figures were revised up, with July contracts awarded raised from S$1.43bn to S$1.77bn.
Source: Singapore Department of Statistics. See all SINGSTAT data in FactIQ.