Singapore saw the highest growth in consumer confidence among Southeast Asian countries
Singaporeans are inclined to spend their spare cash on holidays, vacations and new technology products
Savings and investments continue to be a key priority to locals
Singapore – Nov. 3, 2015 – Singaporeans are optimistic about the economy as the confidence index in the third quarter has crossed the 100-point mark and above the global average of 99 points to achieve a score of 101 and rising two spots in ranking, according to the latest Nielsen Global Survey of Consumer Confidence and Spending released today.
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 61 countries. Consumer confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism.
“With the strengthened confidence in spending, local consumers are amidst the most inclined globally to place holidays, vacations and new technology products high on their priority shopping list,” said Joan Koh, Managing Director, Singapore and Malaysia, Nielsen. “This indicates a continued optimism among Singaporeans’ belief of a stable economy, despite tapering sentiments in some markets within the region.”
Singapore is one of the top 10 markets globally which reported discretionary spending on holidays and vacations (49%), and new technology products (24%) in its local consumers. (See charts 1 and 2)
Although the survey depicted close to six in 10 Singaporeans (58%) are positive of excellent/good job prospects in the next 12 months, there are signs of apprehension over the economy (31%), job security (30%) and work/life balance (21%) in the next six months. (See charts 3 and 4)
SAVINGS AND INVESTMENTS REMAIN A TOP PRIORITY TO SINGAPOREANS
Local consumers’ focus on building their financial security for the future remains prominent and Singaporeans are among the top savers and investors in the world. 66% of the Singapore respondents will put their spare cash into savings, while close to three in 10 Singaporeans (28%) will invest in shares of stock or mutual fund and 26% of locals will top up their retirement fund. (See charts 5 to 8)
“Singaporeans are prudent in saving up for a rainy day, which we have observed over the last few quarters,” notes Joan. “Channeling their money into savings or investments provides the assurance and financial protection for the future.”
ABOUT THE GLOBAL SURVEY OF CONSUMER CONFIDENCE AND SPENDING INTENTIONS
The Nielsen Global Survey of Consumer Confidence and Spending Intentions was conducted Aug. 10 – Sept. 4, 2015, and polled more than 30,000 online consumers in 60 countries throughout Asia-Pacific, Europe, Latin America, the Middle East/Africa and North America, including 503 respondents from Singapore. The sample includes Internet users who agreed to participate in this survey and has quotas based on age and sex for each country. It is weighted to be representative of Internet consumers by country. Because the sample is based on those who agreed to participate, no estimates of theoretical sampling error can be calculated. However, a probability sample of equivalent size would have a margin of error of ±0.6% at the global level. This Nielsen survey is based only on the behavior of respondents with online access. Internet penetration rates vary by country. Nielsen uses a minimum reporting standard of 60% Internet penetration or an online population of 10 million for survey inclusion. The China Consumer Confidence Index is compiled from a separate mixed methodology survey among 3,500 respondents in China. The sub-Saharan African countries in this study are compiled from a separate mobile methodology survey among 1,600 respondents in Ghana, Kenya and Nigeria. The Nielsen Global Survey, which includes the Global Consumer Confidence Index, was established in 2005.
Nielsen Holdings plc (NYSE: NLSN) is a global performance management company that provides a comprehensive understanding of what consumers Watch and Buy. Nielsen’s Watch segment provides media and advertising clients with Total Audience measurement services across all devices where content—video, audio and text—is consumed. The Buy segment offers consumer packaged goods manufacturers and retailers the industry’s only global view of retail performance measurement. By integrating information from its Watch and Buy segments and other data sources, Nielsen provides its clients with both world-class measurement as well as analytics that help improve performance. Nielsen, an S&P 500 company, has operations in over 100 countries that cover more than 90% of the world’s population. For more information, visit www.nielsen.com.