Consumer confidence index in Singapore shot up in the third quarter on the back of the improving economy, according to a survey released Thursday. It noted that the expanding manufacturing and service sectors have underscored economic growth and boosted sentiment in the country.
The Nielsen quarterly poll put consumer confidence at 94 points, up five from the second quarter’s 89, CNA reported.
The global survey assessed perceptions of local job prospects, personal finances and immediate spending intentions. It found that job security and the economy were the chief concerns among Singaporeans, although not as acute as earlier in the year. Health was also cited by many respondents.
Worries over the economy were cited by 42% of respondents in the third quarter, compared with 51% in the second. The survey also noted that 41% regarded job prospects over the coming 12 months as “excellent or good”, up from 36% in the second quarter.
“Singaporeans have weathered the storm, with unemployment decreasing amid the challenging economic landscape,” said Nielsen Singapore managing director Johan Vrancken.
Robust growth in the manufacturing and service sectors contributed to the rebound in the economy this quarter, said Nielsen, which carries out the survey in 63 countries. Health was among the top five concerns, which, Vrancken said, reflected consumers’ “growing awareness of and emphasis on healthy living and eating, supported by the government’s increased focus on (building a) healthy nation”.
Singaporeans took top spot in the survey for spending on their holiday getaways, with 53% in the third quarter allocating spare cash to taking vacations, up from 42% in the second. This compares with second-placed Indonesia, where 50% put their money into holidays followed by Spain’s 49%.
