Consumer confidence picks up in Q3 2012 to highest level in 12 months

Consumer confidence in Singapore picked up in the third quarter of this year to reach its highest level in more than 12 months, according to the latest Consumer Confidence Index by Nielsen.

The report says consumer confidence rose four index points to 98, up from 94 in the previous quarter. 

Over half the 500 Singaporeans surveyed also said they see their personal finances as good or excellent. 

Joan Koh, who heads Nielsen Singapore and Malaysia, says spending intentions are looking positive. 

"We're also seeing more Singaporeans feeling that over the next twelve months is a good time to buy the things they need and want. Property prices continue to rise, be it residential or non-residential. Retail sales have also gone up in the last quarter. And perhaps there have been less of negative news coming from Europe which could actually make consumers more settled."

But Ms Koh added that consumers are conscious of their spending at the same time. 

The majority, 64 per cent of respondents said they put their spare cash into savings, and key areas where Singaporeans are trying to save in include household expenses like utilities and new clothes. 

But there was an increase in those wanting to go on holiday and invest in stocks and shares. 

According to the Nielsen Index, Singapore ranks 15th in terms of consumer confidence, with India taking top spot.