Singapore Consumer Confidence hit 12 month high

According to the latest Consumer Confidence Index by global information and analytics firm Nielsen, consumer confidence here rebounded in the third quarter of the year to reach its highest level in more than 12 months.

The index rose four points to 98, up from 94 in the second quarter. The results are part of the Nielsen Global Survey of Consumer Confidence and Spending Intentions, which polled more than 29,000 consumers in 58 countries throughout the Asia-Pacific, Europe and the Middle East, among others.

Started in 2005, it tracks consumer confidence, major concerns and spending intentions.

Conducted online in August and September, the survey found that 57 per cent – a 7- percentage-point increase from the previous quarter – of the 512 Singaporeans polled view the state of their personal finances in the coming 12 months as “good” or “excellent”.

Ms Joan Koh, managing director of Nielsen Singapore and Malaysia, said: “Consumers here are feeling more optimistic about their personal finances and job prospects.”

Some 36 per cent of respondents said they felt the next 12 months would be “a good time to buy what they need or want”, up from 30 per cent in the previous quarter of the year.

And although 64 per cent said they put spare cash into savings, the third quarter of the year showed an increase in those intending to purchase a holiday, as well as to invest in stocks and mutual funds.

The former showed an increase of 5 percentage points to 46 per cent, while the latter rose 7 points to 32 per cent.

According to the index, Singapore ranks 15th in terms of consumer confidence, with India coming in tops.

Via – AsiaOne

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.