But millennials in the city state are on the neutral side.
The youth optimism in the ASEAN region is buoying consumer confidence, but sentiment amongst older consumers is significantly more reserved.
The latest Mastercard Index of Consumer Confidence shows that the region’s millennials are very optimistic about the next six months (75 points), whilst members of Generation X, aged 30 and above, track a lower score (69.5 points).
In Singapore, however, the sentiment is more on the pessimistic side. Singapore's above 30's show the least amount of confidence in the region (22.7 points). Meanwhile, Singapore millennials are on the neutral side (47.3 points).
Here are the key findings of the study:
According to findings from the Index, consumer confidence falls in correlation with an economy’s development. Cambodia’s consumers below 30 (95.4 points) are the most optimistic, followed by Myanmar’s below 30s population (94.0 points) and Vietnam’s (93.2 points). Conversely, consumers above 30 in Singapore (22.7 points) are the most pessimistic, along with Malaysia’s above-30s demographic (26.2 points) and under-30s group (42.6 points).
Age-related sentiment towards the future varies most strongly across ASEAN’s more developed markets. The greatest disparities in optimism between people aged below 30 and above 30 are felt most keenly across Indonesia (73.3 points vs. 69.4 points), Singapore (47.3 points vs. 22.7 points) and Malaysia (42.6 points vs. 26.2 points).
Although Philippines (91.2 points vs. 91.7 points) and Thailand (70.1 points vs. 63.2 points) are the only markets where confidence amongst the above-30s demographic exceed that of the below-30s’, Thailand is the only market to shift from a neutral outlook into a positive one.
Declines are recorded in the below 30s demographic across five out of eight ASEAN markets, with stable movements across Philippines (-3.7 points), Singapore (-1.2 points) and Vietnam (-3.4 points). Some deterioration is seen in Myanmar (-5.5 points), while significant deterioration is tracked in Malaysia (-10.3).
While all ASEAN markets are most optimistic about regular income (87.7 points vs. 77.5 points), the Index also tracks the greatest disparity in sentiment amongst the age groups (10 points). Conversely, all age-groups are least confident about the stock market, with little disparity between sentiments (2.3 points).
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