Consumer confidence ticks up in April as LKY's death unifies the nation: report

Economic outlook is more robust.

Local consumer confidence ticked up in April as Lee Kuan Yew's death unified the nation, a report by ANZ-Roy Morgan revealed.

ANZ-Roy Morgan has previously predicted that consumer confidence might take a hit after Mr Lee's death, but consumer confidence defied forecasts and rose to 125.7 points in April.

This is now clearly above its long-term average of 121.7 points. The rise was mainly driven by greater
confidence about the outlook for the Singaporean economy over the next 12 months.

“Consumer confidence rose in April despite what we considered to be the considerable uncertainty over the impact on the Singaporean psyche of the passing of the founding father of Singapore, Lee Kuan Yew," said Glenn Maguire, ANZ Chief Economist South Asia, ASEAN & Pacific.

"Prior to his death, consumer confidence appeared to be on a nascent recovery that we feared the passing of Lee Kuan Yew may arrest. Perhaps it is final and fitting tribute to Mr Lee and the solid foundations of the modern Singaporean economy that he has helped create that Singaporean confidence continues to recover despite his death,” Maguire added.