Singapore records steepest drop in ASEAN consumer sentiment

The fall was attributed to a drop in optimism about the economic environment

Singapore posted the lowest consumer sentiment score amongst five ASEAN countries in the new UOB ASEAN Consumer Sentiment Index, according to findings from the bank’s latest regional study.

Scoring 47 out of 100, Singapore tied with Thailand at the bottom of the index, falling below the regional average of 54.

The 10-point YoY decline marked the largest drop amongst the countries surveyed. The fall was attributed primarily to a sharp 17-point drop in optimism about the broader economic environment and a six-point decline in personal financial confidence.

UOB analysts noted that Singapore’s sensitivity to external market conditions likely played a role in the shift, citing the impact of the April 2025 US tariff announcement, which triggered volatility in financial markets during the study’s May–June survey period.

The bank added that whilst Singapore’s economy remains vulnerable to global developments due to its trade-dependent nature, its diversified base across sectors such as manufacturing, logistics, and financial services could help cushion external shocks.

Despite the dip in overall sentiment, the study observed signs of resilience in household financial behavior, including increases in savings and insurance coverage, particularly among younger consumers.