Singapore consumers ranked 4th most confident in Asia
By Desmond Wong, Channel NewsAsia | Posted: 12 November 2008 2042 hrs
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SINGAPORE: Singapore consumers are the fourth most confident in Asia despite the current global economic downturn.
A recent MasterCard survey showed that Singapore has remained one of the more resilient markets even as consumer confidence dips across the region.
The survey was conducted in September this year and over 6,000 people across 14 markets were polled.
On the MasterCard World Index of Consumer Confidence, Singapore scored 62.3 points and was ranked after India (63.9), China (76.6) and Vietnam (88.1).
=> Cos the survey in Peesai was conducted in Indian, PRC, Viet FTrash?
The index reflects levels of consumer confidence, with zero being the most pessimistic and 100 being the most optimistic.
Five economic factors were measured in the survey – the economy, employment, regular income, stock market and quality of life.
The survey showed that 64 per cent of Singaporeans who responded to the poll were bracing themselves for tough times ahead by planning to cut back on spending over the next 12 months.
However, the poll also showed that Singaporeans were still willing to spend on entertainment and personal travel.
Singapore was one of 14 countries in Asia that were surveyed to find out how consumer confidence had been affected by the financial crisis.
Experts said the resilience of Singapore's consumer confidence is surprising, given its small domestic economy which is more exposed to global trends due to its open nature.
Yuwa Hedrick-Wong, economic advisor, Asia Pacific, MasterCard, said: "The global impact on Singapore is felt probably a lot more powerfully, compared to big markets like China and India where they have a lot of depth in their domestic markets. Singapore does not have that."
- CNA/so
By Desmond Wong, Channel NewsAsia | Posted: 12 November 2008 2042 hrs
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</TD></TR><TR><TD> </TD><TD class=update> </TD></TR><TR><TD> </TD><TD><TABLE style="BACKGROUND-COLOR: #cccccc" cellSpacing=0 cellPadding=0 width=240 border=0><TBODY><TR><TD vAlign=top width="100%"><TABLE cellSpacing=1 cellPadding=0 width="100%" border=0><TBODY><TR style="BACKGROUND-COLOR: #ffffff"><TD><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD vAlign=top>Related Videos </TD></TR><TR><TD vAlign=top bgColor=#cccccc>
SINGAPORE: Singapore consumers are the fourth most confident in Asia despite the current global economic downturn.
A recent MasterCard survey showed that Singapore has remained one of the more resilient markets even as consumer confidence dips across the region.
The survey was conducted in September this year and over 6,000 people across 14 markets were polled.
On the MasterCard World Index of Consumer Confidence, Singapore scored 62.3 points and was ranked after India (63.9), China (76.6) and Vietnam (88.1).
=> Cos the survey in Peesai was conducted in Indian, PRC, Viet FTrash?
The index reflects levels of consumer confidence, with zero being the most pessimistic and 100 being the most optimistic.
Five economic factors were measured in the survey – the economy, employment, regular income, stock market and quality of life.
The survey showed that 64 per cent of Singaporeans who responded to the poll were bracing themselves for tough times ahead by planning to cut back on spending over the next 12 months.
However, the poll also showed that Singaporeans were still willing to spend on entertainment and personal travel.
Singapore was one of 14 countries in Asia that were surveyed to find out how consumer confidence had been affected by the financial crisis.
Experts said the resilience of Singapore's consumer confidence is surprising, given its small domestic economy which is more exposed to global trends due to its open nature.
Yuwa Hedrick-Wong, economic advisor, Asia Pacific, MasterCard, said: "The global impact on Singapore is felt probably a lot more powerfully, compared to big markets like China and India where they have a lot of depth in their domestic markets. Singapore does not have that."
- CNA/so
