Consumer confidence in Singapore hits 2-year low

By Magdalen Ng

Consumer confidence in Singapore has fallen for the second consecutive quarter to a two-year low, amid growing worries of an economic recession.

The Nielsen Global Consumer Confidence Index for Singapore fell nine points to 94 in the three months to September compared to the quarter before.

A number above 100 indicates positive consumer sentiment, while a figure below 100 indicates pessimism.

'Singaporean consumers turned into a more pessimistic group as the prospect of a prolonged global macroeconomic malaise became more pronounced. The continuing inflationary pressures and higher volatility in asset prices also contributed to a higher level of uncertainty among consumers, who are increasingly concerned about how to protect their wealth,' said Ms Grace Liu, head of consumer research at Nielsen Singapore.

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