Singapore consumers most inclined to spend on vacations; consumer confidence rebounds

SINGAPORE- Among global countries, Singapore consumers are the most-inclined to spend spare cash on vacations, a Nielsen Global Survey of Consumer Confidence and Spending for the third quarter of this year has found.

Just over half, or 51 percent, of Singapore consumers said they intended to purchase holiday tickets, eight per cent more than the second quarter. 31 percent of Singapore consumers said they intend to buy new clothes with their spare cash, while 30 per cent said they would use their spare money to pay off debts.

Two in three Singapore consumers also said that they would put some spare cash into savings, similar to the high preference for savings in most Southeast Asian countries.

Consumer confidence in Singapore has also rebounded as more feel more confident about their job prospects and personal finances, the Nielsen survey results released on Monday said.

For the first time since three years, consumer confidence levels in Singapore exceeded 100 points to stand at 103 points in the third quarter this year.

61 percent of Singaporeans polled felt that their job prospects were good or excellent, an increase of eight per cent over last quarter. The survey also showed a four percentage point increase in consumers' outlook on their personal finances, with 59 percent of Singaporeans viewing the state of their personal finances in the coming 12 months as good or excellent.

Consumer confidence was also upbeat in other Southeast Asian markets in the third quarter. Indonesian consumers are the second most confident globally, with the country's consumer confidence score increasing by two points to 125 in the third quarter compared to previous quarter.

The Philippines remains third most confident globally, scoring 115 points. Thailand's consumer confidence index score showed the highest jump in the region with an increase of eight points to 113 compared to last quarter.

Vietnam's Consumer Confidence Index jumped three points to 102, the highest level since late 2010. Malaysians are equally positive with a six point increase at 99 points compared to last quarter. Globally consumer confidence stands at 98 points.

The Nielsen Global Survey of Consumer Confidence and Spending polled 30,000 consumers in over 60 countries through the Internet.