The Singapore Q2 consumer confidence index has registered an 89-point according to the latest Nielsen Global Survey of Consumer Confidence and Spending report.
In the latest online survey, confidence levels in Southeast Asia continues to dominate the top 10 spot globally with four out of six countries in the region scoring above the 100 pp mark. Consumers in the Philippines are the most confident globally (130 pp, -2 from Q4 2016) followed by Indonesians in third place (121 pp, +1), Vietnamese in fifth (117 pp, +5) and Thais in the 10th spot (107 pp, -3). Singapore is ranked 31st globally with a score of 89 pp (+3 compared to Q4 2016). The average global consumer confidence is 104 pp (+3 versus Q4 2016).
“Singapore has seen a steady growth in its economy for the second quarter, propelled by the expansions in the manufacturing and services sectors. However, locals continue to be mindful on the economic outlook and their job security.” said Johan Vrancken, Managing Director, Nielsen Singapore.
Job security (31%) and the economy (29%) remained as the top major concerns to locals. Despite that, signs of apprehension over the economy by Singaporeans have eased in Q2 2017 (51% in Q2 2017 vs 62% in Q4 2016). The survey also depicted that perceptions over excellent/good job prospects in the next 12 months have improved (36% in Q2 2017 vs 32% in Q2 2016).
“Singaporeans have weathered the storm, with resident unemployment decreasing amidst the challenging economic landscape,” said Johan. “The government’s key actions such as industry transformation and national SkillsFuture initiative have enabled Singapore to be well-placed for the future to become a value-creating, innovation-led economy.”
Respondents have indicated a cut-back on lifestyle expenses such as shopping for new clothes (54%), out-of-home entertainment (45%), and holidays and short breaks (43%). Also, Singaporeans switched to purchasing cheaper grocery brands (43%) and saving on gas and electricity (39%).
Based on the survey findings, Singaporeans were among the top savers and planners for retirement in the world, highlighting the emphasis placed by locals on building their financial security for the future. More than six in 10 Singaporeans (66%) have put their spare cash in savings, while 28% of locals invested in shares of stock or mutual fund, and top up their retirement fund.
Johan added, “Singapore has constantly remained as one of the top nations on savings and investments. This reflects Singaporeans’ disposition to be prudent and place priority on their savings and retirement planning to ensure a sizable nest egg for their later years.”
For more detail and insight, download Nielsen’s Q2 2017 Global Consumer Confidence Report.
For a historical look at global consumer confidence by region, country and time period, explore the Nielsen Global Consumer Confidence Trend Tracker.
The Nielsen consumer confidence index measures perceptions of local job prospects, personal finances and immediate spending intentions, among more than 30,000 respondents with Internet access in 63 countries. Consumer confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism. The second-quarter online survey was conducted May 9–27, 2017. The findings in this survey are based on an online methodology in 63 countries, including 501 respondents from Singapore. While an online survey methodology allows for tremendous scale and global reach, it provides a perspective only on the habits of existing internet users, not total populations. In developing markets where online penetration is still growing, audiences may be younger and more affluent than the general population of that country. Three sub-Saharan African countries (Ghana, Kenya and Nigeria) utilize a mobile survey methodology and are not included in the global or Middle East/Africa averages discussed throughout this report. In addition, survey responses are based on claimed behavior, rather than actual metered data. Cultural differences in reporting sentiment are likely factors in the measurement of economic outlook across countries. The reported results do not attempt to control or correct for these differences; therefore, caution should be exercised when comparing across countries and regions, particularly across regional boundaries.