Nielsen: Consumers likely to watch what they spend on this year

Consumers here are likely to tighten their purse strings this year, according to the Nielsen Company's latest quarterly report released on Wednesday.

The Nielsen Global Consumer Confidence Index, found that 64 per cent of the 500 Singaporean respondents are planning to hold back on spending over the next 12 months.

Consumers plan to save on gas and electricity, spend less on new clothes and switch to cheaper grocery brands.

The survey - done to measure confidence levels, spending habits and major concerns of consumers - showed that Singaporeans have a consumer confidence index of 95 in the fourth quarter of 2012, compared to the third quarter's 98 points.

This is the sixth consecutive quarter that confidence has been hovering below 100 points.