6 in 10 Singaporeans worry over inflation woes

Asian peers also disturbed by economic issues.

According to the latest global survey by GfK, economy-related matters appear to be on top of the list of concerns for today’s Asia Pacific consumers. 

The survey note that while consumers in Singapore (65%), Thailand (55%), China (51%) and Indonesia (39%) expressed their greatest anxiety towards inflation, those in Taiwan (57%), Korea (51%) and Japan are mostly worried about recession and unemployment.

Meanwhile, the topmost concern of half of the Australian respondents revolved around their personal finances. Crime and lawlessness also rank among the top four worries in the region, particularly in Malaysia (67%), Vietnam (55%) and India (51%).

“Economic conditions have in most cases stabilized, but there is a significant level of uneasiness around various areas,” said Jodie Roberts, Regional Director for GfK Consumer Trends.

“There are other areas which also registered significant levels of concern but only in specific countries, such as drug abuse in Thailand (55%) and Indonesia (37%), cost of healthcare in Singapore (42%), and educational quality in China (33%) and Indonesia (32%).”

GfK polled over 40,000 consumers aged 15+ across 28 countries, including 11 from Asia Pacific - Australia, China, India, Indonesia, Japan, South Korea, Taiwan, Thailand and the latest additions of Singapore, Malaysia and Vietnam. Approximately 1,500 respondents per market were surveyed on their attitudes, behaviors and values across a range of topics.

The survey also revealed that consumers have been treading carefully when it comes to their regular expenses as seen in their conscious reduction in spending on various aspects of their life.

In their effort to cut cost, the first that most often will be struck off from their list of regular activities is dining out at restaurants, something which over a third (34%) of respondents said they have done in the past 12 months. Nearly a quarter (23%) also stated buying less clothing and shoes.