20140722_singapore consumers still cautious, more worried about job prospects
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BY JACQUELYN [email protected] @JacCheokBT
PUBLISHED JULY 22, 2014
Singapore consumers still cautious, more worried about job prospects: Nielsen
Consumer confidence in Singapore remained stable at
98 index points in the second quarter of 2014, falling by just one point from the previous quarter. - PHOTO: SPH
CONSUMER confidence in Singapore remained stable at 98 index points in the second quarter of 2014, falling by just one point from the previous quarter.
Going by the latest Nielsen Global Survey of Consumer Confidence and Spending, Singapore's consumer confidence has remained below 100 points for three years since Q2 2011.
Consumer confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism.
Consistent with their cautious confidence levels, two in three consumers in Singapore polled said they would channel their spare cash into savings after covering essential living expenses.
The marginal pull back in consumer confidence in the second quarter is driven by a three-point increase (from the previous quarter) in the number of consumers who feel that future job prospects would not be positive (41 per cent), said Nielsen.
Singapore's latest consumer confidence is also on a par with the global average of 97 index points, which has risen by one point compared to Q1 2014).
"The most recent data on consumer confidence in Singapore signal a continuing conservatism when it comes to spending and managing expenses," said Luca Griseri, head of financial services in Singapore and Malaysia.
"In the second quarter, Singaporeans worry more about their job perspectives - which is reflected in a lingering cautious sentiment. While this caution has not yet resulted in significant cut backs in spending, it leads to more conservative attitudes from consumers."