Singapore consumer confidence holds steady in Q2, says survey

Singaporeans have slashed clothes, home improvement expenses.

Consumer confidence in Singapore saw no QoQ growth in the second quarter of 2016, according to the latest Nielsen Global Survey of Consumer Confidence and Spending.

Singapore scored 88 on the index in Q2, and while this is the same figure as in Q1, this reflects Singapore's lowest score since 2009. This is also 10 points lower than the global average of 98.

Moreover, the survey also revealed that a hazy economic outlook has driven up Singaporeans' concerns over career prospects as well as job security.

Further, Nielsen's survey showed that Singapore consumers have slashed spending on clothes, as well as home improvement and decorative expenses. On the flip side, Singaporeans have funnelled less cash towards savings during the quarter, and more towards tech products and out-of-home entertainment.

"Singapore's economy has seen a slight improvement in the second quarter. However, we are not out of the woods yet as the increased unemployment rate and concerns over mixed performances from various industries continue to cloud the minds of locals," noted Joan Koh, managing director, Singapore and Malaysia, Nielsen.

The survey was conducted in May, and polled more than 30,000 online consumers in 63 countries across the globe. Of these, 501 of respondents came from Singapore.