Consumer confidence crashes to all-time low

Singapore - Singaporean consumer confidence has hit rock bottom, according to the Nielsen Global Consumer Confidence survey, which says its at an all-time low.

The survey has found that one-third of the 500 Singaporeans surveyed have begun to feel the pinch of the economic downturn. This is even before the government's announcement that the Singapore was technically in recession.

"For global consumers, the last 12 months have been challenging and turbulent - Singapore is no exception with an economy that is closely intertwined with the world's demand," Vicky Santos, executive director of The Nielsen Company Singapore, said.

According to the survey, 68% respondents are assuming a cautious stance towards spending at this time and nearly half describe the state of their personal finances as not so good or bad.

However, Santos says not all is gloom and doom in Singapore.

"With several growth catalysts such as the opening of the Integrated Resorts, the Youth Olympic Games, and the recently announced MotoGP in the pipeline, the situation is not currently deemed to be so grim in Singapore," she adds.