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RHB Bank analysts project Singapore's retail sales growth to slow to 3.0% in 2026, citing geopolitical uncertainties impacting consumer confidence.
RHB Bank analyst Barnabas Gan stated in a report that rising geopolitical uncertainties in the Middle East could weigh on consumer and business confidence, leading to cautious spending and a slowdown in discretionary demand. The bank maintained its forecast for Singapore's retail sales growth at 3.0% for 2026. Singapore's retail sales increased by 1.5% year-on-year in July, down from 4.0% in June.
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