However, while consumer confidence is rising, more Singaporeans say they want to put their spare cash into savings compared to the same time last year, according to the Nielsen Survey of Consumer Confidence and Spending Intentions.
SINGAPORE: People in the Republic are more upbeat over their job prospects and personal finances, according to the latest findings from global measurement company Nielsen.
According to the third-quarter Consumer Confidence Index released on Monday (Nov 10), consumer confidence levels climbed over the 100-point baseline for the first time since Q3 2011 to reach 103 points. Consumer confidence levels above and below the baseline indicate degrees of optimism and pessimism.
In Nielsen's Global Survey of Consumer Confidence and Spending Intentions, it also revealed that 59 per cent of Singaporeans see their personal finances for the coming year as good or excellent. There was also an eight-point increase on-quarter in the number of consumers who feel that future job prospects would be positive, from 53 per cent in Q2 to 61 per cent in Q3.
While confidence is on the rise, more Singaporean want to put their spare cash into savings compared to the same time last year, showed the survey. But Singaporeans are also the most inclined to spend their spare cash on vacations globally, with 51 per cent willing to spend on trips. This is an increase of 8 percentage points, compared to Q2 2014.
On the other end of the scale, 5 per cent of Singaporeans surveyed in the third quarter said they have no spare cash.
Singaporeans are also trying to cut down on their household bills, reported Nielsen, with 63 per cent wanting to do so. To this end, they said they want to spend less on new clothes, switch to cheaper grocery brands and cut down on out-of-home entertainment.
The Nielsen Survey of Consumer Confidence and Spending Intentions was conducted between Aug 13 and Sep 5 this year, and polled 515 Singaporeans. The findings were based only on the behaviour of respondents with Internet access, according to the company.
- CNA/av
- wong chee tat :)
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