World Economy

Singapore Consumer Optimism Up

Singapore Consumer Optimism UpSingapore Consumer Optimism Up

Consumer confidence in Singapore has gained steadily, reaching a high of 65.3 index points in mid-2015, according to the MasterCard Index of Consumer Confidence.

The MasterCard survey took responses from about 400 people in Singapore, aged 18 to 64, who were asked to give a six-month outlook on five economic factors: economy, employment prospects, regular income prospects, stock market and their quality of life. Zero is considered the most pessimistic, 100 the most optimistic and 50 is neutral, NewsNow reported.

In all, 8,718 respondents in 17 Asia-Pacific markets were surveyed.

Singapore’s lift in optimism was buoyed by growth in positive sentiments in four of the five indicators of the consumer confidence index. The survey revealed strong improvements in the outlook for the stock market and quality of life, with the only decline seen in employment.

Deborah Heng, group head and general manager, Singapore, MasterCard, said: “The consistent growth in consumer confidence in Singapore for the past two years–despite uncertain conditions in the region–is a positive indicator of optimism of people in Singapore for Singapore’s future, and this is something to celebrate as we mark our country’s 50 years of independence.”

The Asia-Pacific region averaged 66.1 index points, down slightly from 68.3 index points in the second half of 2014.

Consumers in Asia-Pacific remain generally optimistic about the future, but the level of optimism is beginning to recede in a number of markets such as Indonesia, Thailand and Myanmar. These three countries recorded double-digit declines in confidence. There were also further falls in Malaysia.