Singapore consumers less upbeat in August: ANZ survey

Office workers in the central business district (CBD). -- PHOTO: ST FILE
Office workers in the central business district (CBD). -- PHOTO: ST FILE

SINGAPORE - Consumers were less confident about Singapore's economic prospects in August than they were in July, a survey released on Friday showed.

Among the 1000 consumers surveyed in August for the monthly ANZ-Roy Morgan Consumer Confidence Index, 46 per cent said they expect Singapore to have 'good times' economically over the next 12 months. This is down 14 per cent from July.

The proportion of those who expect 'bad times' in the coming year rose 6 per cent to reach 13 per cent in August.

Over the longer term, 44 per cent of respondents said they think Singapore will have 'good times' financially over the next five years, down from the previous month's 58 per cent.

This result follows a spike in confidence in July given strong gains in the local equity market, a recovering economy and the continuation of the Great Singapore Sale, said Mr Glenn Maguire, ANZ's chief economist for South Asia, Asean and Pacific.

The survey also found that 20 per cent of respondents believe their family financial situation is better off than last year, and 28 per cent say their family is likely to be better off in a year's time.