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ANZ-Roy Morgan Singaporean Consumer Confidence edging sideways at 125.2
November 25 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 November 2015.
The ANZ-Roy Morgan Singapore Consumer Confidence Index inched up slightly to 125.2pts (up 0.2pts m/m) in November. The index is now 4.3pts higher than it was a year ago (Nov 14: 120.9) and remains above its long-term average of 123.6pts.
ANZ Chief Economist South Asia, ASEAN & Pacific, Glenn Maguire says:
- In terms of personal finances, 31% (up 4ppts m/m) of respondents said their families are ‘better off’ financially than a year ago. Meanwhile, 10% (up 1ppt) said they are ‘worse off’.
- 32% (down 1ppt) of respondents said they expect their families to be ‘better off’ financially in a year’s time, the lowest since February 2015. At the same time, about 7% (unchanged) expect to be ‘worse off’, the highest since February 2015.
- When queried about their perceptions about the overall economy, 52% (up 1ppt) of those surveyed expect Singapore to have ‘good times’ financially over the next 12 months while 11% (unchanged) expect ‘bad times’.
- Over the longer five-year horizon, 48% (down 1ppt) of respondents believe Singapore will experience ‘good times’ financially. However, a record high of 14% (up 4ppts) expect ‘bad times’.
- 19% (down 1ppt) of respondents think ‘now is a good time’ to buy major household items , a record low since April 2015. On the other hand, 14% (down 4ppts) are not ready to commit to big-ticket purchases.
“We would assess ANZ-Roy Morgan Singaporean Consumer Confidence as edging sideways, albeit on the slightest of an improving trend, much like the economy itself.
"The narrow miss of a technical recession during Q3 and a slight adjustment to monetary policy settings in October probably saw local households enter November with a slightly more optimistic disposition. However, on an absolute basis, the proportion of Singaporeans who are confident about the economic and financial outlook remains particularly low. We note that only 31% of respondents (up 4ppts m/m) believe that their families are better off financially than they were a year ago, and only 32% believe that their financial situation will improve over the next year.
"On the overall economy, Singaporeans are similarly more optimistic, but hardly sanguine. 52% of respondents believe the country’s prospects to remain ‘good’ over the next year. Over the five-year horizon, a slightly lower 48% are upbeat about the domestic economy. This muted confidence is manifest in the very low number of respondents who are willing to purchase major household items. Indeed, only 19% of Singaporeans are ready to do so at the moment.
"The ANZ-Roy Morgan Singaporean Consumer Confidence survey continues to paint a picture of households being restrained by uncertainty and a lack of pervasive optimism on the macroeconomic outlook. It is highly unlikely that domestic demand, especially consumption, will emerge as an offset to a challenging external environment anytime soon.”
Click to view the latest ANZ-Roy Morgan Singaporean Consumer Confidence Release PDF - November 2015.
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