Consumer confidence also fell by nine points last quarter in Singapore to 94, alight above global average 88 according to third quarter global online consumer confidence findings from Nielsen.
According to the same Nielsen survey, Global online consumer confidence fell for the seventh consecutive quarter as confidence in 31 of 56 global markets measured declined. Top concerns of online consumers in Asia Pacific are economy, job security and work/life balance.
Asia Pacific continues to dominate the list of most optimistic countries with seven of the top 10 highest consumer confidence scores hailing from this region. India, despite a decline of five points, retains the top spot with an index of 121, followed by Saudi Arabia, Indonesia, Brazil, Philippines, Thailand, United Arab Emirates, China, Hong Kong and Malaysia.
Despite the overall positive economic conditions in Asia Pacific, 10 of the 14 countries measured reported declines from three months ago. Singapore and Malaysia saw the biggest confidence declines of nine points each.
The region boasts the largest percentage of savers, with 61 percent indicating that they plan to put spare cash into savings compared to the global average of 46 percent. One-in-three Asia Pacific online consumers also plan to invest in stocks/mutual funds—almost double the global average of 18 percent.
“Singaporean consumers turned into a more pessimistic group over the third quarter due to a confluence of factors,” said Joan Koh, Managing Director, Nielsen Singapore. “These include the prospect of a more pronounced global macroeconomic malaise, continuing inflationary pressures and the subtle shift in local politics. Consumers have also witnessed the higher volatility in asset prices, which contributed to a higher level of uncertainty about how to protect their wealth.”