SINGAPORE - Consumer confidence in Singapore suffered a three percentage point decline from the previous quarter in the last quarter of 2014, according to the latest Consumer Confidence Index by Nielsen.
The company says that consumer confidence in Singapore remains relatively optimistic despite the three point decline in the last quarter of 2014 to 100 points. Consumer confidence levels in Singapore exceeded 100 points for the first time since three years in the third quarter of 2014, hitting a high of 103 points.
Findings from the Nielsen survey also revealed a four percentage point decrease in consumers' outlook on their personal finances, with 55 per cent of Singaporeans viewing the state of their personal finances in the coming 12 months as good or excellent.
Job security ranks as the biggest concern for more than a quarter of consumers in Singapore, said the company in a press release on Monday.
"Overall, consumers' confidence levels in Singapore and across the region remain relatively stable," observes Mr Vishal Bali, Managing Director of Nielsen's Consumerization Practice in Southeast Asia, North Asia and Pacific.
"The only exception is Malaysia which recorded the lowest confidence level since Q2 2009, likely due to consumers feeling the pressure of the introduction of GST later this year and uncertainty around any potentially impact on the price of goods and the cost of living," Mr Bali said in the press release.
The Nielsen Global Survey of Consumer Confidence and Spending Intentions, established in 2005, measures consumer confidence, major concerns, and spending intentions amongst more than 30,000 respondents with Internet access in 60 countries.