ANZ-Roy Morgan Singapore Consumer Confidence index hits 8-month high

THE ANZ-Roy Morgan Singapore Consumer Confidence index rose 3.8 points in March to hit an eight-month high of 124.5 on expectations of better personal financial situations.

The index made the most gains in terms of how consumers viewed their personal financial outlooks. Asked how they and their families' financial situations were compared to a year ago, 31.1 per cent of respondents in a survey said they were better off, up from 26.8 per cent in February. About 7.1 per cent said they were worse off, down from 11.2 per cent in February.

The outlook on personal financial situations for the year ahead also improved, with 32.7 per cent expected to be better off, compared to 29.1 per cent feeling the same way in February. The percentage expecting to be worse after one year fell to 5.5 per cent from 8.2 per cent.

But consumers were less ready for major spending, with the percentage saying it was a good time to buy a major household item slipping to 16.6 per cent from 20.5 per cent. That was less than the 19.7 per cent saying it was a bad time to buy.