Singapore records steepest drop in ASEAN consumer sentiment

The fall was attributed to a drop in optimism about the economic environment

Singapore posted the lowest consumer sentiment score amongst five ASEAN countries in the new UOB ASEAN Consumer Sentiment Index, according to findings from the bank’s latest regional study.

Scoring 47 out of 100, Singapore tied with Thailand at the bottom of the index, falling below the regional average of 54.

The 10-point YoY decline marked the largest drop amongst the countries surveyed. The fall was attributed primarily to a sharp 17-point drop in optimism about the broader economic environment and a six-point decline in personal financial confidence.

UOB analysts noted that Singapore’s sensitivity to external market conditions likely played a role in the shift, citing the impact of the April 2025 US tariff announcement, which triggered volatility in financial markets during the study’s May–June survey period.

The bank added that whilst Singapore’s economy remains vulnerable to global developments due to its trade-dependent nature, its diversified base across sectors such as manufacturing, logistics, and financial services could help cushion external shocks.

Despite the dip in overall sentiment, the study observed signs of resilience in household financial behavior, including increases in savings and insurance coverage, particularly among younger consumers.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia