You are here
Easing fears over economy lifts Singapore consumer confidence: Nielsen
EASING fears over the state of Singapore's economy and expansion in the manufacturing and service sectors have lifted the Republic's consumer confidence to 94 points, up five points from last quarter's 89 in Nielsen's latest global consumer confidence survey.
Chief worries among Singaporeans included job security and the economy, the survey has found.
Worries over the economy, however, fell in the third quarter of 2017, standing at 42 per cent versus 51 per cent in the second quarter.
The survey also showed an improvement over excellent or good job prospects over the coming 12 months at 41 per cent in the third quarter, from 36 per cent in the previous quarter.
Health was also among Singaporeans' top five concerns, which reflected consumers' "growing awareness and emphasis on healthy living and eating, supported by the government's increased focus on (building a) healthy nation," said Nielsen Singapore's managing director Johan Vrancken.
Singaporeans also took top spot for spending on their holiday getaways, with 53 per cent of Singaporeans allocating their spare cash to taking vacations in the third quarter, up from 42 per cent in the second quarter.
This compares to second-placed Indonesia with half its population putting their money into holidays, and third-placed Spain at 49 per cent.
More people, however, were also using their cash to plan for their golden years, with 67 per cent of Singaporeans depositing spare cash into savings, putting them fourth worldwide after the Philippines, India and Thailand.
For those who preferred to invest, 26 per cent of respondents put their money into retirement funds, while 24 per cent invested in shares or mutual funds.
"Locals continue to be mindful on the economic outlook and their job security," said Mr Vrancken.
The survey was conducted online from Sept 13-22, and included 502 respondents from Singapore.