How do SkillsFuture credits affect December retail data?

They can lift December receipts when households rush to book courses or make payments before deadlines. This shows up in private education revenue and sometimes related retail purchases. The effect is usually temporary, so we expect softer numbers in January as demand normalizes.

Which sectors gain most from CDC vouchers near expiry?

Food and daily essentials tend to benefit first. Hawker centres, coffee shops, mini-marts, and supermarkets see higher footfall and slightly larger baskets. Merchants with simple QR redemption and clear signage capture more spend when users hurry to use remaining balances.

What should investors watch in early Q1?

Look for a payback after December strength. Track the Retail Sales Index, F&B Services Index, and private training enrollment indicators. Use three-month averages and year-ago comparisons. Watch guidance from major grocers and listed retailers on traffic trends and voucher-driven mix shifts.

Will new schemes offset the January dip?

They help smooth demand but may not fully offset the pullback. SG60 vouchers, ActiveSG credits, and the SG Culture Pass support spending in targeted areas. Timing, acceptance, and public awareness matter. Clear merchant onboarding and communication usually improve conversion into actual transactions.

Law and Government

January 02: SkillsFuture credits, CDC voucher rush likely lifted SG Q4 spend

ByHuzaifa Zahoor January 1, 2026January 1, 2026

SkillsFuture credits faced a Dec 31 deadline for the 2020 top-up, and the 2025 CDC vouchers window also pushed last-minute redemptions. We see a likely December surge across training providers, hawkers, and supermarkets as households used remaining balances. The rush may lift Q4 retail and services prints, then fade in early Q1. With newer schemes such as SG60 vouchers, plus ActiveSG credits and the SG Culture Pass, support continues into 2026, changing the timing of consumer demand.