Singapore consumer confidence evaporates with 10.7-point drop in H1

It’s the third biggest decline in the APAC region.

Singaporean consumers have sank into pessimism in the first half of 2016, as the city-state's consumer confidence dropped 10.7 points to 33.6.

According to the Mastercard Index of Consumer Confidence, the 10.7- point plunge is classified as significant deterioration. Further, the steep drop means Singapore saw the third biggest decline in confidence, surpassed only by Indonesia and Hong Kong with 14.7 and 12.4 point-declines.

Meanwhile, Singapore saw three components fall more than 10 points in H1—quality of life plunged 14.5 points, regular income tumbled 12 points, and employment sank 11 points.

Overall, consumer confidence in the Asia Pacific markets remained stable, inching up 0.05 points to 59.72 in H1.

"Taiwan, which experienced extreme deterioration in consumer confidence in the previous survey recorded the largest improvement in the current survey. Philippines, India and Malaysia also saw improvements of at least 5 points,” Mastercard stated.

“The developing markets of India (97.6), Philippines (95.2), Vietnam (94.9) and Myanmar (99.8) remain extremely optimistic in their outlook," it added.

Photo: joyfull/Shutterstock.com

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