Local consumer confidence finally rebounds after three-year optimism drought

Singaporeans are more upbeat on their future job prospects.

For the first time since three years, consumer confidence levels in Singapore exceeded 100 points to stand at 103 points in Q3 2014, according to the latest Consumer Confidence Index released today by Nielsen. Singapore’s Consumer Confidence has remained below 100 points for three years since Q3 2011.

The Survey revealed that the steady climb in consumer confidence is mainly driven by an 8-point increase from the previous quarter in the number of consumers who feel that future job prospects would be positive (61%).

The Nielsen report also revealed a four percentage point increase in consumers’ outlook on their personal finances, with 59% of Singaporeans viewing the state of their personal finances in the coming 12 months as good or excellent.

In the other markets in Southeast Asia, consumer confidence has gained further momentum in Q3 2014, with three Southeast Asia markets ranking in the top five most optimistic countries globally.

Indonesian consumers are the second most confident globally, with the country’s consumer confidence score increasing by two points to 125 in Q3 2014 compared to previous quarter.

The Philippines remains third most confident globally, scoring 115 points. Thailand’s Consumer Confidence Index score showed the highest jump in the region with an increase of eight points to 113 compared to last quarter.

Vietnam’s Consumer Confidence Index jumped three points to 102, the highest level since late 2010. Malaysians are equally positive with a six point increase compared to last quarter. Globally, consumer confidence remains steady at 98 points.