Singapore leads ASEAN in consumer confidence gains

Positive views of the current economy rose 16 percentage points to 66%.

Singapore recorded the greatest improvement in consumer confidence, surging nine points to 56, the regional average, which held steady at 54, according to the UOB ASEAN Consumer Sentiment Index.

This was a rebound from the last consumer sentiment survey by UOB in September 2025, where Singapore recorded the lowest consumer sentiment score, scoring 47 out of 100, below the regional average.

According to the Index, this was driven by uplifts across all macroeconomic and personal finance indicators. Positive perceptions of the current economy rose 16 percentage points to 66%, whilst confidence in future economic performance increased 13 percentage points to 63%.

This reflected Singapore’s strong growth performance in the first half of 2026, as tailwinds from artificial intelligence-related demand supported activity across manufacturing, wholesale trade, transport and storage, with positive spillovers into the services sector.

Improved personal finance sentiment also contributed to Singapore's higher Index score, with fewer consumers expressing concerns over household expenses and more of them feeling positive about their long-term financial commitments compared to last year.

Government efforts to alleviate cost-of-living pressures through measures such as CDC vouchers, U-Save rebates and Cost-of-Living support payments have helped cushion household expenses amid ongoing global uncertainty. Wealth effects from gains in equity markets may also have bolstered consumer sentiment and discretionary spending.

“ASEAN-5 economies remained resilient in the first half of 2026, with Singapore and Thailand outperforming expectations. Amid heightened geopolitical tensions, ASEAN remains a compelling investment destination for multinational corporations as companies diversify supply chains and expand their regional presence. This is supporting employment growth and broader economic opportunities across,” Suan Teck Kin, Head of Research, Global Economics and Markets Research, UOB said.

The Index is based on six key indicators from the eighth edition of the flagship UOB ASEAN Consumer Sentiment Study (ACSS)2, covering consumers’ perceptions of current and future economic conditions and their personal financial outlook.

An Index score above the neutral level of 50 indicates overall optimism amongst consumers across the region.

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