Singapore, Thailand lift Asean consumer confidence as regional outlook diverges: UOB survey

[SINGAPORE] Consumer confidence remains resilient in Asean, lifted by optimism in Singapore and Thailand, although sentiment across the region were more mixed, a survey by UOB found.

The UOB Asean Consumer Sentiment Index released on Friday (Jul 24) indicated that consumers were overall optimistic about both the macroeconomic environment and their personal finances, with the index unchanged at 54 points from the year before.

An index score above the neutral level of 50 indicates overall optimism. The index is based on UOB’s Asean Consumer Sentiment Study, which measured consumers’ perceptions of current and future economic conditions and their personal financial outlook.

The level of optimism was uneven across the region, however, with the index in Indonesia falling below 50 during the 2026 survey.

Singapore’s index rose to 56 points from 47, while Thailand’s was up to 51 points from 47. Singapore chalked increases across all macroeconomic and personal finance indicators, which reflected strong growth performance in the first half of 2026. This came amid tailwinds from artificial intelligence-related demand.

Furthermore, improved personal finance sentiments in Singapore were supported by government efforts to alleviate cost-of-living pressures, while wealth effects from gains in equity markets may have bolstered consumer sentiment and discretionary spending.

Thailand also had improved optimism towards current and future economic conditions. This came amid government stimulus measures, resilient tourism and exports, easing external pressures, and seasonal gains in farm incomes.

Sentiment towards personal finances was stable, which reflected persistently high household and business debt, elevated living costs, and uncertainty stemming from geopolitical tensions and US tariff measures.

Meanwhile, Vietnam was down to 63 from 67, Malaysia fell to 50 from 53, and Indonesia declined to 49 from 55. Despite the four-point decline, Vietnam surpassed the regional average by nine points. This was driven by “exceptionally strong sentiment” on the macroeconomic environment, as well as improved confidence in consumers’ personal finances.

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UOB said that Vietnam’s buoyant consumer sentiment was supported by the country’s position as the fastest-growing economy in Asean. Its healthy economic fundamentals and government measures cushioned elevated energy prices and alleviated broader price pressures. Foreign investors also remain confident in Vietnam’s medium-term prospects as supply chain diversification continues to favour the country, the bank added.

Meanwhile, Malaysians saw a more positive outlook but had lingering concerns over household expenses, income security and long-term financial commitments.

As for Indonesia, UOB noted that it faced a more challenging external environment marked by currency pressures and global uncertainty.

The study involved 5,000 participants aged 18 to 65 years old across the five Asean countries, and was conducted online from May to June 2026.

Overall, stronger optimism towards the macroeconomic environment was the key driver underpinning regional sentiment, with the macro sub-index rising by three points to 61.

Consumers remained cautious about their personal finances, with the micro sub-index easing slightly to 51 from 52. They had concerns over increased household expenses, prospects of pay cuts and the ability to sustain long-term financial commitments.

This year’s findings point to an “increasingly nuanced consumer landscape”, where optimism on the broader economic outlook coexists with a prudent approach towards personal finances, UOB added.