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SINGAPORE: Consumer confidence in Singapore has fallen to an all-time low, according to a Nielsen survey.
The survey showed that consumer confidence fell 10 points to 92 points amid the global financial crisis.
This was the second double-digit decline this year. Last year, consumer confidence was at its peak of 114 points.
Held twice yearly, the latest Nielsen Global Consumer Confidence polled over 26,000 people in 52 countries between September 23 and October 6.
Singapore now ranks 14th in the world in terms of overall consumer sentiment and 8th in Asia Pacific.
Findings showed that one-third of Singaporeans have started feeling the heat of the economic downturn, even before the government announced that the country was in a technical recession.
Conversely, Singapore also has one of the lowest proportions of consumers who think that the domestic economy is already in recession.
The survey showed that seven in 10 Singaporeans will be more cautious with spending during this period.
To cope with the tougher times, Singaporeans are spending less on clothing, tech gadgets, out-of-home entertainment, while saving on gas and electricity.
Nearly half of the Singaporeans polled said they will switch to cheaper grocery brands and cut down on holiday breaks.
The only countries which recorded marginal increases in consumer confidence were Brazil, the Philippines, New Zealand, China, Venezuela, Thailand and South Africa.
- CNA/yt
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