Singaporeans’ perception toward economy and job prospects is showing an improvement, recent survey found. Released on Tuesday (Aug 29), the survey conducted by Nielsen noted that consumer’s apprehension over economy eased in the second quarter of 2017.
According to the study, while job security and economy stability remained to be major concerns in the country, a significant figure of pessimistic sentiment is declining. 51 percent local respondents involved in the survey are feeling like the country was in recession in the second quarter of this year, down 11 percent from 62 percent who said so in the fourth quarter of 2016.
In its latest instalment of Global Survey of Consumer Confidence and Spending, Nielsen survey was conducted in May, covered 63 participant countries, and included 501 respondents from Singapore.
The survey also suggested that local acuities toward excellent or good job prospects in the next 12 months have also improved. 36 percent respondents believed that there is good opportunity for employment in the second quarter of 2017, compared to 32 percent in the second quarter of 2016, Straits Times reports.
Nielsen Singapore’s managing director Johan Vrancken said, “Singaporeans have weathered the storm, with resident unemployment decreasing amidst the challenging economic landscape.”
“The government’s key actions such as industry transformation and national SkillsFuture initiative have enabled Singapore to be well-placed for the future to become a value-creating, innovation-led economy,” he added.
Additionally, the survey noted that majority Singaporeans are practicing frugality to cut back on optional spending. As much as 54 percent respondents cut out their budget for buying new clothes, 45 percent spend less on out-of-home entertainment, while another 43 percent cut down their holiday and short breaks budget.
Furthermore, 43 percent Singaporeans are also switching to purchase from cheaper grocery brands, while 39 percent are saving on gas and electricity uses.
Singaporean residents are among the world’s top savers and planners for retirement too, the survey found. More than six in ten respondents (66 percent) said they have put their spare cash for savings, while 28 percent have invested in shares or mutual funds to top up their retirement funds.