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Singapore consumer confidence slips in June but still above average: ANZ-Roy Morgan index

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Consumer confidence in Singapore eased in June, according to the ANZ-Roy Morgan Singapore Consumer Confidence Index, which decreased 0.3 points month on month to 129.4.

CONSUMER confidence in Singapore eased in June, according to the ANZ-Roy Morgan Singapore Consumer Confidence Index, which decreased 0.3 points month on month to 129.4.

This however is still above its long-term average of 122.6, and the year-ago figure of 118.0.

In terms of personal finances, 28.8 per cent said their families are better off financially than a year ago compared to just 6.8 per cent that said they are "worse off" financially.

Looking ahead, 36.3 per cent said they expect their financial situation to be better next year, compared to 3.9 per cent who expect to be "worse off" financially.

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On a more macro level, 49.7 per cent of the respondents expect Singapore to have "good times" financially over the next 12 months compared to just 7 per cent that expect "bad times" financially.

"Singaporean consumer confidence remains both subdued in an absolute sense but elevated in a relative sense highlighting what appears to be complex determinants of the confidence formation mechanism in the Lion City," noted Glenn Maguire, ANZ's chief economist for South Asia, Asean and Pacific.

"More importantly, we are continuing to suspect that, what we could term, 'Singaporean Pride' plays an increasingly important role in the confidence formation mechanism in Singapore. Confidence rose on reflection of all that Lee Kuan Yew achieved for Singapore at the time of his passing, and we note that Singapore's best ever performance in the current South East Asia (SEA) Games may have played a role in ensuring essentially stable sentiment over June."

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