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CONSUMERS in Singapore are feeling more buoyant about the local economic outlook compared to a year ago, amid continued uncertainty in the global economy, according to the MasterCard Index of Consumer Confidence.
The biannual survey revealed that local consumer confidence registered 60.9 index points - up 13.5 points from the neutral sentiment expressed in the previous year - and showed improvement across all five indicators of consumer confidence: employment, economy, regular income, stock market and quality of life.
The largest improvement in outlook came from heightened expectations in the quality of life (+19.3 points), followed by stock market movements (+15.5) and general economic outlook (+13.9).
"People in Singapore are expressing greater positive sentiment for 2015. Compared to our neighbours in South-east Asia, Singapore recorded the highest jump in overall consumer confidence. Resilient economic growth, stable employment, along with falling oil prices and the strengthening Singapore dollar, are reasons for the consumer optimism," said Deborah Heng, group head and general manager at MasterCard Singapore.
Despite local optimism, the Republic ranked sixth out of seven markets surveyed in South-east Asia. Topping the South-east Asia list is Myanmar, followed closely by Indonesia.
Some 411 Singapore residents took part in the online survey conducted from October to November 2014.