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The latest Nielsen Global Consumer Survey has revealed that the global consumer confidence index has fallen from 88 to 84 while the Singapore consumer confidence index fell 10 points from 102 to an all-time low of 92.
“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,” said Vicky Santos, executive director, The Nielsen Company Singapore.
One year ago, consumer confidence in Singapore was at a peak of 114. Singapore now ranks 14th on the global list in terms of overall consumer sentiment and 8th in Asia-Pacific.
Compared to previous downturns, the turmoil this time round is likely to have a serious impact on lifestyle and cultural factors in many parts of the world.
Seven out of ten Singaporeans (68 per cent) are assuming a cautious stance towards spending.
To stay within their budgets, Singaporeans are expecting to spend less on clothing, gas, electricity and out-of-home entertainment. They are also considering switching to cheaper grocery brands, and delaying the upgrade of gadgets as a means to cope under the challenging economic climate.
A bright spot was that only 33 per cent of consumers in Singapore think that the economy is already in recession.