Singapore’s consumer confidence has risen to 94 points, up five points from last quarter’s 89, according to Nielsen’s latest Global Survey and Consumer Confidence and Spending report.
This was attributed to easing apprehension over the country’s economy and robust expansions in the manufacturing and service sectors
The report was released on Thursday (Dec 21) and found that worries over the economy eased in Q3 to 42% from 51% in the previous quarter. Concerns over job prospects over the next year also improved from 36% in Q2 to 41% in Q3.
More than 30,000 respondents with Internet access in 63 countries were surveyed in the latest report which was conducted between Sept 13 and 22. They included 502 respondents in Singapore.
The report also found that health is among the top five concerns of Singaporeans.
Nielsen Singapore’s managing director Johan Vrancken said: ” This reflects consumers growing awareness and emphasis on healthy living and eating, supporting by the Government’s increased focus on healthy nation.”
When it came to spending on holidays and vacations, Singaporeans ranked No.1 in the world with half of those surveyed saying they would fork out money for them.
There was also an increase in other self-indulgence expenses in Q3 with one in three (34%, +7%) respondents spending on new clothes, one in five (23%, +4%) on new technology products and out of home entertainment (20%, +3%).
Singaporeans were also noted to be planning ahead of retirement with 67% of them depositing their spare cash into savings, placing them 4th in the world in comparison.
Mr Vrancken added: “Singapore has constantly remained as one of the top nations of savings and investments.”
“This is reflected in the consumers’ increasing confidence on their state of personal finance. While savings remains the primary focus for Singaporeans to use their spare cash, holidays are increasingly important.”