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ANZ-Roy Morgan Singapore Consumer Confidence Eased Again in July
July 22 2015
- Finding No.
Consumer Confidence Press Release
The monthly ANZ-Roy Morgan Singapore Consumer Confidence Index is based on 1,000 face-to-face interviews conducted throughout Singapore. Men and women aged 14 and over were randomly selected during the month of July 2015.
ANZ-Roy Morgan Singapore Consumer Confidence decreased to 126.4 (down 3pts) in July. Consumer confidence is still clearly above its long-term average of 122.8 but is 9.5pts lower than July 2014’s one-off spike of 135.9.
ANZ Chief Economist South Asia, ASEAN & Pacific, Glenn Maguire said:
- In terms of personal finances, 27% (down 2ppts) of respondents said their families are ‘better off’ financially than a year ago (on par with February 2015) while 8% (up 1ppt) said they are ‘worse off’ financially.
- Looking ahead, 33% (down 3ppts) of respondents said they expect their family to be ‘better off’ financially in a year’s time while 6% (up 2ppts) expect to be ‘worse off’ financially in a year’s time.
- As for economic conditions in Singapore, just over half of the respondents, or 51% (up 1ppt), expect the country to have ‘good times’ financially over the next 12 months but 10% (up 3ppts) expect ‘bad times’ financially.
- Over the longer term, 51% (up 3ppts) of respondents expect Singapore to have ‘good times’ financially in the next five years but 7% (up 1ppt) expect ‘bad times’ financially.
- 20% (unchanged) of respondents said ‘now is a good time to buy’ major household items while 19% (up 7ppts) said ‘now is a bad time to buy’ major household items.
“As we head closer to celebrating 50 remarkable years, Singaporeans’ consumer confidence is edging slightly lower. Indeed, it is probably testament to the deep integration Singapore has with the region, global economy and financial markets that the state of flux in the EU and China has weighed on local sentiment.
"Singapore continues to chart a restructuring and reforming path against a global backdrop of increasing uncertainty. Although the dividends of supply side restructuring will ultimately be positive, there can be no doubt that the short term consequence can be confidence-sapping.
"In the near term, we expect to see sentiment improve as the achievements of Singapore over the past 50 years are celebrated. However, in the medium term, we are less certain on the direction confidence is likely to evolve. The national elections will be called in the next few months, property prices are continuing to decline and wage pressures are unevenly distributed.
"If the decline in consumer confidence evolves into a deeper pullback, we will be alert to whether that will translate into softer domestic demand, and eventually into a broader slowdown. At the present time, Singapore’s economic weakness has predominantly been led by the manufacturing sector. A weaker consumer, in that context, would be an unwelcome development.”
Click to view the latest ANZ-Roy Morgan Singaporean Consumer Confidence Release PDF - July 2015.
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The latest Roy Morgan Consumer Confidence Monthly Report is available on the Roy Morgan Online Store. It provides demographic breakdowns for Age, Sex, State, Region (Capital Cities/ Country), Generations, Lifecycle, Socio-Economic Scale, Work Status, Occupation, Home Ownership, Voting Intention, Roy Morgan Value Segments and more.
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