Over a third of the respondents in the Nielsen survey said that they were concerned about job security
Consumer confidence among Singaporeans dropped to a two-year low in the third quarter, as concerns over the economy and job security weighed on residents' minds, a survey by global data company Nielsen has found.
This finding comes as ongoing trade tensions between the United States and China have placed a drag on Singapore’s export and economic numbers, although employment data has remained quite healthy. Aside from the economy and job security, Nielsen said in its report on Thursday (Nov 21) that the other three issues that Singaporeans were most worried about in the third quarter were their health, work-life balance and increasing food prices.
Here are the key findings from the survey, which polled 500 people:
- Growing concerns about the economic outlook
- Less willingness to spend
- Savings continue to be a top priority
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Nielsen: Consumer confidence in Singapore falls to two-year low amid economic uncertainties
Unidentified businessmen crossing the street in Singapore. (Image by Joyfull / Shutterstock.com)
Consumer confidence in Singapore has sunk to a two-year low according to Conference Board Global Consumer Confidence Survey, in collaboration with global data firm Nielsen, as concerns swirl over job security and the economy. In their report on Thursday (21 November), Nielsen aid Singaporeans are most worried about health, work-life balance and increasing food prices as well.
In a poll of 500 people, the report found that 37% of respondents were concerned about the economy in the third quarter of 2019, up from 32% in the second quarter. Additionally, in this third quarter of the year, the number of people concerned about job security stayed level at 32%. Even so, about 34% said they were optimistic about job prospects, but that is a sharp decline from 42% just the previous quarter.
In terms of the broader economy, about 56% of respondents believe that Singapore is in a recession, again up 42% from the previous quarter.
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More SGs become pessimistic of their future
PM Lee asks SGs to “work with me and the PAP”
Just yesterday, Conference Board Global Consumer Confidence Survey, in collaboration with Nielsen, revealed that consumer confidence in Singapore has sunk to a two-year low as concerns swirl over job security and the economy. In their report on Thursday (21 November), Nielsen said Singaporeans are most worried about health, work-life balance and increasing food prices as well.
In a poll of 500 people, the report found that 37% of respondents were concerned about the economy in the third quarter of 2019, up from 32% in the second quarter. Additionally, in this third quarter of the year, the number of people concerned about job security stayed level at 32%. Even so, about 34% said they were optimistic about job prospects, but that is a sharp decline from 42% just the previous quarter.
Meanwhile, a recent IPS survey has found that majority of Singaporeans are pessimistic about their financial status in a decade’s time. More than five in 10 said they would experience negligible financial mobility while about one in 10 felt their fortunes would decline.
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4 in 5 Singaporeans say salaries not matching up to costs and complain about wage stagnation
South China Morning Post reported yesterday (18 Nov) that based on a recent survey conducted by the Institute of Policy Studies (IPS) at NUS, majority of Singaporeans are feeling “stuck in their social classes”.
The findings, released last month (29 Oct) in a paper titled ‘Faultlines in Singapore: Public Opinion on their Realities, Management and Consequences’, covered some 4,015 people aged 18 and above. The survey was conducted between August 2018 and January this year by IPS.
The survey asked respondents if they felt their financial status would improve in a decade’s time, more than five in 10 said they would experience negligible financial mobility while fewer than one in 10 felt their fortunes would decline.
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If Singapore is so wealthy, why do its citizens feel stuck?
The skyline along the historic Singapore River. Photo: AFP
Asked by the Institute of Policy Studies at the National University of Singapore if they felt their financial status would improve in a decade’s time, more than five in 10 said they would experience negligible financial mobility while fewer than one in 10 felt their fortunes would decline.
This pessimism persisted across education levels. Only 44 per cent of those with a degree were hopeful of upward mobility in 10 years’ time, with the figure falling to 40.6 per cent for Singaporeans with vocational training or a polytechnic diploma. For those with a secondary school education or below, such as food deliveryman Alroy Ho, 32, only 23.8 per cent expected to do better in future, with 10.6 per cent thinking they would be worse off.
The findings, released on October 29 in a paper titled Faultlines in Singapore: Public Opinion on their Realities, Management and Consequences, asked respondents for their views on five topics researchers thought could affect social cohesion. These were race, religion, immigration, class, and lesbian, gay, transgender and bisexual issues. Four out of five Singaporeans interviewed by This Week in Asia said their pessimism boiled down to salaries not matching up to costs, and a sense that wages were stagnant.
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More Singaporeans reading news online as newspaper readership falls: Nielsen survey
More Singaporeans are going online to read the news, amid overall falling readership of Singapore newspapers that continue to publish a hard copy.
The trend was especially strong among younger Singaporeans, with Gen Y consumers (aged 25 to 39) the most likely to go online for news. More than three in four respondents (76.8 per cent) in that age bracket said they had done so over the previous month.
These were among the findings of the latest annual Nielsen survey on media consumption habits which was released on Wednesday (Nov 13).
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