Singapore consumer confidence in Dec above long-term average
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Although currently weak in personal finances, consumers in Singapore have expressed confidence over the next five years. This has led December’s level of consumer confidence to rise to levels above the long-term average, according to the results of the ANZ-Roy Morgan Singapore Consumer Confidence survey released on Wednesday.
The ANZ-Roy Morgan Singapore Consumer Confidence for December rose to 126.5, above the long-term average of 123.7. This month’s index is also higher than last December’s 121.8.
In terms of personal finances, a smaller proportion of respondents think they are better off financially, with 29 per cent (or down by 2 percentage points) saying their families are “better off” than a year ago. At the same time, 8 per cent (down 2 percentage points) said they are “worse off” financially.
Respondents are still doubtful about near-term prospects, with an unchanged proportion, or 32 per cent, saying that their family will be “better off” financially in a year’s time. Eight per cent (up one percentage point) expect to be worse off.
On economic conditions in Singapore going forward, exactly half of respondents (down 2 percentage points) expect Singapore to have “good times” financially over the next 12 months, compared to 11 per cent (unchanged) who expect “bad times”.
Over the longer term, half (up 2 percentage points) of respondents expect Singapore to have “good times” financially during the next five years and 11 per cent (down 3 points) expect to fare badly.
Shopping sentiment is still strong. Twenty-three per cent (up 4 points) of respondents say now is a good time to buy major household items, while 13 per cent (down a point) think it’s not worth it.
Questions & Answers
Q.What was the consumer confidence index for December, and how does it compare to previous periods?
What was the consumer confidence index for December, and how does it compare to previous periods?
The consumer confidence index for December rose to 126.5. This figure is above the long-term average of 123.7 and is also higher than last December’s index of 121.8.
Q.How do Singaporean consumers feel about their personal finances currently compared to a year ago?
How do Singaporean consumers feel about their personal finances currently compared to a year ago?
A smaller proportion of consumers, 29 per cent, believe they are financially "better off" than a year ago. Eight per cent reported being "worse off" financially.
Q.What are consumers' expectations for Singapore's economic conditions over the next five years?
What are consumers' expectations for Singapore's economic conditions over the next five years?
Half of respondents expect Singapore to experience "good times" financially over the next five years, an increase of two percentage points. Eleven per cent anticipate facing "bad times" during this period.
Q.What is the current sentiment regarding purchasing major household items?
What is the current sentiment regarding purchasing major household items?
Shopping sentiment remains strong, with 23 per cent of respondents believing it is a good time to buy major household items. In contrast, 13 per cent think it is not worth it.
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