Singaporeans continue to remain confident

NIELSEN     CONSUMER CONFIDENCE  

Singapore - Singapore wrapped up 2010 on a positive note posting a consumer confidence index of 109 in Q4 2010, a 9-point jump year-on-year, Nielsen in its latest study concluded.

Singapore has been among the top ten most confident countries for the last five quarters. It is the seventh most confident country after India (131), Philippines (120), Norway (119), Indonesia (116), Australia (112), and Switzerland (110).

Singaporeans will spend their spare cash into savings (65%), 54% on holidays/trips (54%) and new clothes as well as investing in shares of stock/mutual funds (33%), the survey stated.

"Despite a four percentage point dip in the consumer confidence index, an index of 109 is still a positive one as Singapore managed to hold its own and stay minimally unaffected by the uncertainties we have seen in the other parts of the world. The fact remains that the economy continues to boom, thanks in large part to government initiatives to manage sustainable growth, and strong regional growth," Joan Koh, managing director, The Nielsen Company Singapore, said.

The Asia Pacific region is the second most confident region in the world with an index score of 97 (a 1-point slip from Q3 2010  but up 6 points year-on-year).

This is following more upbeat job prospects and the economy, compared to consumers in North America and Europe.

Savings remain a top priority for consumers with spare cash in Asia Pacific.  Although consumers in the region are continuing to spend, they are more cautious and are becoming more value-conscious when it comes to spending on household essentials.

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