华侨银行：6月新加坡零售销售反弹但内需走软

Core Insights - Singapore's retail sales in June 2025 increased by 2.3% year-on-year, outperforming May's growth of 1.3%, but showed a month-on-month seasonally adjusted decline of 1.2% [1] Retail Sales Analysis - The decline in retail sales month-on-month is attributed to the school holiday period and a stronger Singapore dollar, leading more families to choose overseas travel, which weakened domestic retail demand [1] - The number of inbound tourists in June dropped to 1.25 million, the lowest point of the year to date, impacting the retail market [1] - Excluding automobile sales, the year-on-year growth in retail sales was only 0.4%, indicating weakness in the core consumer market [1]