Reflecting Singaporeans' cautious sentiment, consumers indicated that they will continue to reduce household expenses in the coming months. They plan to save on utilities (32 percent), spend less on new clothes (31 percent), reduce out-of-home entertainment (27 percent), switch to cheaper grocery brands (26 percent), and cut down on take-away meals (18 percent).
The survey also found marked differences in confidence levels and financial outlook across varying income groups.
Singaporeans earning between S$25,000 (US$19,800) and S$30,000 (US$23,760) per annum recorded a Consumer Confidence Index of 81—14 points lower than the Singapore average. In comparison, Singaporeans earning more than S$125,000 (US$99,002) per year indexed at 105 —10 points higher than the Singapore average.
Griseri said: "[This difference] reminds us that a sizeable proportion of the population is concerned about increasing food and fuel prices and does not share the same sense of optimism in their economic outlook as those on higher incomes.
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