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Consumer confidence here matches global mark: poll

CONSUMER confidence in Singapore remained stable throughout the first half of the year, and consumers are cautious about their future financial security, according to a survey by information provider Nielsen
The Business Times - July 24, 2013
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Consumer confidence here matches global mark: poll

CONSUMER confidence in Singapore remained stable throughout the first half of the year, and consumers are cautious about their future financial security, according to a survey by information provider Nielsen.


With an index score of 95, confidence in the Republic remained unchanged year-on-year in the second quarter, and was on a par with the global benchmark of 94 points.


The Nielsen Global Survey of Consumer Confidence and Spending Intentions measures consumer confidence, major concerns and spending plans among more than 29,000 respondents with Internet access in 58 countries. The latest round of the survey was conducted in May this year, and included 502 responses from Singapore.

Luca Griseri, head of financial services for Nielsen Singapore and Malaysia, said: "The Q2 consumer confidence results tie in with the moderate GDP growth that Singapore experienced in Q1 this year."


However, only one in two Singaporeans had a positive financial outlook, down four points compared to the first quarter this year.


Singaporeans were also less optimistic about their personal finances than most other countries in South-east Asia, and scored four points below the global average of 54 per cent. Savings was obviously the top priority for Singaporeans when it came to allocating spare cash - 60 per cent of local respondents indicated that they would put spare cash into savings, well above the global average of 47 per cent.


One in four Singaporeans said that they would utilise spare cash to invest in shares and mutual funds, while one in five went with building their retirement funds, double the global average of 11 per cent.


Mr Griseri said that this further indicates that consumers are planning for the future, and looking to protect themselves against fluctuations in the global economy and other external factors.


Consumers in Singapore also indicated that they will continue to cut back on household expenses in areas such as utilities and new clothing in the coming months. But future spending intentions remained unchanged, with 36 per cent indicating that the next year is a good time to buy the things they need, compared to 35 per cent in Q1 this year.

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