Singapore consumers are upbeat about job prospects, according to consumer confidence findings from Nielsen.
This outlook reflects in spending intentions as Singaporeans have more spare cash to spend in the first quarter of 2013 (Q1 2013) as compared to the previous quarter.
Singapore consumer confidence indexed at 96 in Q1 2013 and this city is now at the eighth position within 14 Asia Pacific countries in terms of consumer confidence.
Saving is also high on the agenda as the majority of Singaporeans (64 percent) prefer to save their spare cash. Respondents said they want to invest their spare cash in shares or stock and mutual funds.
"Singaporeans demonstrate a solid desire to save and invest, which presents significant opportunities for the financial services industry to expand the range of wealth management solutions in order to preserve and grow consumers' wealth," said Luca Griseri, head of Financial Services, Nielsen Singapore and Malaysia.
Asia Pacific: the most confident region
The Asia Pacific region is the most confident region in the world and its average Index in Q1 2013 was at 101 points.
With 122 points, consumers in Indonesia are the most confident in Asia and in the world.
This round of Nielsen's survey was conducted between 18 February and 8 March 2013. About one in two Singaporeans questioned in this survey find their job prospects to be excellent/good.
Consumers are also optimistic about the economy and job prospects as the proportion of Singaporeans who feel their country is in a recession went down in Q1 2013.
Thirty-one percent of those who believe the country is in recession think the economy will recover over the next 12 months, and this represents an increase of two percentage points from a quarter earlier.
"We saw improvements in economic sentiments across the globe and in particular in our region where Hong Kong, Japan, South Korea, and Taiwan posted double-digit confidence increases," added Griseri.
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