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Singapore consumer confidence on the rise in Q3: Nielsen
SINGAPORE saw the highest growth in consumer confidence among South-east Asian countries in the third quarter, according to the latest Nielsen Global Survey of Consumer Confidence and Spending.
The survey put Singapore's score at 101 points, above the global average of 99. Worldwide, it was the 12th most optimistic country.
The Nielsen consumer confidence index measures perceptions of local job prospects, personal finances and immediate spending intentions, polling over 30,000 respondents in 61 countries. A reading above 100 suggest optimism and below 100, pessimism.
"With the strengthened confidence in spending, local consumers are amidst the most inclined globally to place holidays, vacations and new technology products high on their priority shopping list," said Joan Koh, managing director (Singapore and Malaysia) for Nielsen. "This indicates a continued optimism among Singaporeans' belief of a stable economy, despite tapering sentiments in some markets within the region."
While 58 per cent of Singaporeans expect "excellent" or "good" job prospects over the next one year, there are also concerns about the economy (31 per cent) and job security (30 per cent) for the next six months.
With this in mind, Singaporeans are also among the top savers and investors globally. Two-thirds of the Singapore respondents plan to save spare cash, while 28 per cent will invest in shares of stock or mutual fund. Meanwhile, 26 per cent of locals will top up their retirement fund.