Core Insights - Singapore's retail sales growth is slowing down due to a decrease in tourist arrivals and an increase in local residents' overseas spending [1][2] - The September retail sales saw a month-on-month decline of 1.4% and a year-on-year growth rate drop from 5.3% in August to 2.8% [1] - The "SG60" neighborhood vouchers issued in July are losing their effectiveness in boosting consumption, with several retail categories experiencing consecutive month-on-month declines [1] Retail Sales Performance - In September, 10 out of 14 retail categories experienced month-on-month declines, with notable drops in computer and telecommunications equipment (-4.0%), gas stations (-5.3%), and supermarkets (-2.2%) [1] - Conversely, department stores (+15.6%) and automobiles (+4.5%) showed positive sales growth [1] Quarterly Overview - For the third quarter of 2025, Singapore's retail sales grew by 4.2% year-on-year, significantly higher than the 1.2% increase in the second quarter [2] - Despite strong employment growth expectations, a decrease in companies' willingness to raise salaries may lead to more restrained consumer spending, potentially suppressing retail activity [2] Future Outlook - October retail sales are expected to be boosted by events such as the F1 Singapore Grand Prix, large concerts, and an influx of Chinese tourists during the "Golden Week" from October 1 to 8 [2]