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Following reports that hiring activities in Singapore are set to increase in the last half of the year, Singapore professionals themselves are feeling more confident about their job prospects.
According to the latest Nielsen Global Survey of Consumer Confidence and Spending Intentions, 61% of Singaporeans stated they felt job prospects in the country over the next twelve months would be positive.
The figure was a 8 point increase from the previous quarter, and the highest since the last quarter of 2013.
A little more than three out of 10 (31%) of the 515 Singapore respondents polled did feel, however, that job prospects over the next year would be “not so good”, while 3% stated they would be “bad”.
Such muted response wasn’t too surprising, considering recent reports of foreign employment declining in Singapore.
Saving for the future also remained in line with claims of Singapore households spending less, with 66% of locals stating they would stash their spare cash into savings after covering essential living expenses.
Despite the majority of Singaporeans prioritising saving over spending, they were also found to be the most-inclined globally to spend their spare cash on vacations (51%), followed closely by Malaysia (47%) and Indonesia (41%).
“Southeast Asians are known for prioritising saving over spending, and it is this mentality which influences their careful spending patterns,” Vishal Bali, Nielsen’s managing director of consumer insights in Southeast Asia, North Asia and Pacific, said.
“Conversely, rising disposable income is driving the desire to seek out lifestyle upgrades such as vacations and buying new clothes.”
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