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Singaporean consumers less upbeat

Consumer confidence in Singapore dropped in August.

The ANZ-Roy Morgan Consumer Confidence Index found only 46 per cent of the 1000 consumers surveyed are confident about the Singaporean economy over the next 12 months, 14 percentage points lower than July.

The study revealed 44 per cent said they expect ‘financial good times’ in the next five years, less than July’s 58 per cent.

According to Glenn Maguire, ANZ’s chief economist for South Asia, Asean and the Pacific, consumer confidence in the city state will continue to be affected by the tight labour market and rising costs.

“Singaporean consumer confidence will continue to be impacted by the engineered supply side squeeze of the economy. We would expect confidence to continue to move sideways around these year-to-date average levels in coming months,” said Maguire.

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