The study also found that rising inflation is a key concern in Asean with 63% of the respondents expressing worry about it. About 57% of the respondents also indicated that they are worried about the rising cost of expenses for their household. Singaporeans, in particular, are more worried compared to their peers, with 71% and 64% worrying about rising inflation and higher household expenses respectively.
Over 70% of respondents from UOB’s flagship Asean consumer sentiment study (ACSS) said that they expect their respective countries to experience an economic downturn in the next 12 months amid the current inflationary environment.
The ACSS, which is in its fourth year, was conducted from June 1 to 26 among 3,400 individuals online. The individuals came from Singapore, Indonesia, Malaysia, Thailand and Vietnam. The study also marks the first time UOB has partnered with global management consulting firm Boston Consulting Group.
