SINGAPORE: According to the Consumer Confidence Index of global marketing research firm Nielsen, consumers are more optimistic about personal finances and job prospects - and are out shopping and enjoying themselves.
Globally, Singapore ranks 15th on consumer confidence, behind Malaysia in ninth place and Indonesia in second spot. India is in the top spot.
The mood to spend
appeared to be reflected in the Nielsen survey, which found that
Singaporeans feel upbeat about their finances.
Consumers whom Channel NewsAsia spoke to did not seem to be hit hard by inflation and did not intend to cut back on spending.
Consumer confidence rebounded to its highest level in over 12 months.
For next 12 months, more than half of those polled see their personal finances as good, even excellent.
The Consumer Confidence Index for Singapore rose 4 points to 98, up from 94 in Q2.
There
is also an upswing in the number who are are planning to invest in
stocks and shares, or say it is a good time to buy what they want or
need.
"Property prices continue to rise, be it residential or
non-residential. Retail sales have also gone up in the last quarter,"
explained Ms Joan Koh, the managing director of Nielsen in Singapore and
Malaysia.
"And perhaps there have been less of negative news coming from Europe which could actually make consumers (feel) more settled."
The poll was conducted in August and September.
A seasonal bias may be possible, as people gear up for the year-end splurge, especially for holidays.
Inflation remains high and is likely to persist into next year.
But economists say the tight labour market is helping to keep salaries up and prices affordable for now.
"With
such a low unemployment rate, companies are trying to commensurately
keep their staff. So if prices go up, salaries - if they go up
commensurately, people feel they can still afford," said Ms Annie Koh,
dean of executive education at Singapore Management University.
"My
bigger concerns might be if inflation costs keep going up, then wage
costs catch up with it. So people may have to make a decision on which
part of their money earned will go to where. Their sentiments to spend
would be to move to cheaper options. That's how people manage inflation
domestically."
- CNA/ck
AHAHAHAHAHAHAHAHAHAHAHAHA!!!
We are being delusionised--brainwashed to believe so
It is fortunate that we have internet to know what the world and real economic situation despite all the "positive" statistics and taxi driver earning $7,000 monthly.
The only purpose of this sugar-coating survey is for more price increase.