Consumer confidence in Singapore remains at a two-year low, with the country ranking the fifth most pessimistic of the 14 Asia Pacific nations, according to Nielsen’s Q4 global online consumer confidence index.
Based on the findings, Singapore started the previous year with 109 points in the consumer confidence index, before slipping 15 points to 94 by the year’s end. Consumer confidence below the 100 baseline level shows the extent of pessimism.
“The picture painted by Singaporeans is relatively less optimistic, driven primarily by concerns over job prospects,” said Joan Koh, Managing Director of Nielsen Singapore.
The research revealed that the key concerns among Singaporeans in Q4 last year were work / life balance, job security and the economy. As a result, more of them are channelling spare cash into savings and reducing household expenses.
“Consumers here are generally continuing to hold back on their spending with a wait-and-see attitude,” said Koh, adding that she expects this to continue into 2012.
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