ALTHOUGH currently weak in personal finances, consumers in Singapore have expressed confidence over the next five years. This has led December's level of consumer confidence to rise to levels above the long-term average, according to the results of the ANZ-Roy Morgan Singapore Consumer Confidence survey released on Wednesday.
The ANZ-Roy Morgan Singapore Consumer Confidence for December rose to 126.5, above the long-term average of 123.7. This month's index is also higher than last December's 121.8.
In terms of personal finances, a smaller proportion of respondents think they are better off financially, with 29 per cent (or down by 2 percentage points) saying their families are "better off" than a year ago. At the same time, 8 per cent (down 2 percentage points) said they are "worse off" financially.
Respondents are still doubtful about near-term prospects, with an unchanged proportion, or 32 per cent, saying that their family will be "better off" financially in a year's time. Eight per cent (up one percentage point) expect to be worse off.
On economic conditions in Singapore going forward, exactly half of respondents (down 2 percentage points) expect Singapore to have "good times" financially over the next 12 months, compared to 11 per cent (unchanged) who expect "bad times".
Over the longer term, half (up 2 percentage points) of respondents expect Singapore to have "good times" financially during the next five years and 11 per cent (down 3 points) expect to fare badly.
Shopping sentiment is still strong. Twenty-three per cent (up 4 points) of respondents say now is a good time to buy major household items, while 13 per cent (down a point) think it's not worth it.