<\/p>\nSingapore rose by 24,800 in the July to September period,<\/p>\n
<\/a> more than doubling the increase of 10,400 in the previous quarter, according to the Ministry of Manpower\u2019s third-quarter labour market report released in December. <\/p>\n
The Singapore stock market also improved in 2025, with the Straits Times Index up by 22.4 per cent year to date. <\/p>\n
Local equities received a boost from the Equity Market Development Programme, a $5 billion initiative launched by the Monetary Authority of Singapore to invest in local stocks.<\/p>\n
Maybank\u2019s Dr Chua added that lower interest rates could continue to help reduce mortgage servicing costs, leaving households with more disposable income.<\/p>\n
Among those who spent more on discretionary goods in 2025 is Mr Leong, 30, who splurged on two television sets and a bed after receiving a pay increase at work. <\/p>\n
\u201cI spent $4,800 on a nicer bed and $2,700 on television sets for the house. <\/p>\n
\u201cI\u2019ve always slept on a mattress growing up and wanted a bit of luxury in my new house,\u201d said the psychologist who declined to give his full name.<\/p>\n
Once he has settled into his new home, his spending priorities are expected to shift towards maintenance, repairs and experiences such as travel.<\/p>\n
Other strong-performing retail segments in 2025 include furniture and home-related spending \u2013 driven by home completions and move-ins \u2013 as well as supermarkets, supported by population growth and job creation, said independent economist Song Seng Wun.<\/p>\n
The strong Singapore dollar also diverted more spending overseas, be it a short trip to Johor Bahru, or flights to Thailand, Japan and China for holidays, said Mr Song. <\/p>\n
One of the Singaporeans who took advantage of the strong Singdollar in 2025 is Ms Low, 33, who works in social media and also declined to give her full name.<\/p>\n
\u201cThis year, I spent around $4,000 on flights, hotel accommodation, food and transport combined. <\/p>\n
\u201cI travelled with my friends for concerts, and these expenses do not include concert tickets, which I estimate to have spent about $2,500 on,\u201d said Ms Low. <\/p>\n
She attended six concerts in 2025, both locally and overseas.<\/p>\n
\u201cI enjoy travelling and will travel if the means and opportunities are there. I also love to experience concerts and immerse myself in the entire experience, from pre- to post-concert,\u201d she said.<\/p>\n
Watches and jewellery sales are also doing well, driven by the combination of luxury spenders and increased foreign visitor arrivals during China\u2019s summer school holidays between July and August, and the Formula 1 Singapore Grand Prix in early October, said DBS Bank economist Chua Han Teng.<\/p>\n
\u201cMotor vehicles also maintained sustained sales momentum, probably due to the growing domestic appeal of relatively lower-cost electric vehicles, particularly from China, and partly due to some front-loaded purchases ahead of expected tapering incentives for cleaner energy vehicles, DBS\u2019 Mr Chua added.<\/p>\n
China electric vehicle maker BYD, for example, registered\u00a07,473\u00a0cars here in the first nine months of 2025, extending its lead over Toyota and paving the way for it to end 2025 with record high sales in Singapore. BYD sold\u00a06,191\u00a0units in\u00a02024. <\/p>\n
The food and beverage (F&B) sector did not fare as well despite the distribution of CDC and SG60 vouchers, as restaurant earnings, in particular, continued to contract. <\/p>\n
The first 10 months of 2025 saw 3,357 new F&B outlets being registered, but there were also 2,431 closures,\u00a0said Deputy Prime Minister Gan Kim Yong in November. <\/p>\n
More than six in 10 food establishments here that closed between January and October\u00a0had been registered for five years or less. <\/p>\n
Of these, 82 per cent had never recorded a profit in their annual tax declarations,\u00a0said DPM Gan.<\/p>\n
One reason is the wide range of dining options available, which has made consumers more selective about where they eat, increasing competition and putting pressure on food and restaurant businesses, said Mr Song.<\/p>\n
\u201cWith Michelin and fine dining options now widely available overseas, fewer consumers feel the need to queue or spend heavily in Singapore,\u201d said Mr Song.<\/p>\n
This weakness is likely to persist into 2026, he said.<\/p>\n
He said retail growth is likely to be driven by continued home completions and furniture purchases, as well as population growth that will support strong demand at supermarkets.<\/p>\n
\u201cIf the labour market stays resilient and the Singdollar remains strong, people will also continue to spend their strong Singdollar in neighbouring countries,\u201d said Mr Song.<\/p>\n<\/div>\n
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