Singapore consumer confidence has fallen to an all-time low as a result of the gloomy outlook on the economy, according to the latest Nielsen Global Consumer Confidence survey released on Thursday.
The survey showed that consumer confidence in Singapore fell 10 points to 92 points. Last year, the index was at its peak of 114.
The Nielsen survey, conducted over 26,000 people in 52 countries between September and October, also showed that about 70 percent Singaporeans will be more cautious with spending during the difficult times, spending less on clothing, out-of-home entertainment, as well as saving on gas and electricity.
Nearly half of the respondents said they would switch to cheaper grocery brands and put off brand-new technology purchase.
The survey also showed that Singapore ranked 14th in the world in terms of overall consumer sentiment and 8th in the Asia Pacific region.
Source: Xinhua
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