Consumer sentiment in Singapore is weakening amid ongoing global tensions, with new data from YouGov’s Public Sentiment Tracker revealing growing economic pessimism and rising cost-of-living pressures.

Data from the April wave of the survey showed that nearly four in ten Singaporeans (39%) believe the country will enter a recession in the next six months, more than double the proportion who expect economic growth (15%), while 20% anticipate stability. Sentiment has steadily declined since the onset of the current geopolitical conflict in late February.

Concerns are even more pronounced at the global level, with 59% of Singaporeans expecting a global recession within the same period.

Awareness of the ongoing US-Israel–Iran conflict is widespread, with 93% of Singaporeans reporting familiarity with the situation. Men are slightly more likely than women to say they are aware of the conflict.

The impact is being felt at both a personal and economic level. A majority of Singaporeans say they are affected by this crisis, including a quarter (26%) who are extremely or very affected, while only 8% report no impact at all.

Rising costs hit everyday life

Seven in ten Singaporeans (70%) say the conflict has driven up household energy costs, making it the most widely felt consequence. This is followed by increases in grocery bills (56%), commute costs (50%), and dining out or food delivery expenses (49%).

Older consumers, particularly Gen X and Baby Boomers, report being more affected by rising energy and grocery costs compared to younger groups.

Financial and emotional strain emerging

Beyond daily expenses, more than a third (36%) are concerned about the impact of market volatility on their investments. Travel has also been disrupted, with 21% reporting affected plans to impacted regions and 33% citing higher airfares as a concern.

The broader uncertainty is also taking a toll on mental wellbeing, with 27% of Singaporeans reporting stress or anxiety linked to these developments.

Consumers adapt spending and lifestyle habits

In response to rising costs and uncertainty, Singaporeans are actively adjusting their behaviour.

Around 38% say they are relying more on deals, vouchers, and promotions to manage expenses, while 31% are saving more and holding additional cash reserves. A further 26% are switching to public transport or alternative modes of travel to reduce fuel-related costs, and 20% have delayed travel plans.

Travel behaviour is also shifting, with 13% changing destinations and another 13% paying more for future travel. A smaller proportion (8%) report spending more on travel insurance to ensure adequate coverage.

Despite heightened global uncertainty, there is limited evidence of panic buying. Only 12% of Singaporeans say they have stocked up on supplies specifically due to the conflict. Among those who have, the most common items include long shelf-life foods (69%), medication (38%), hygiene products (36%), and bottled water (26%).

In the months to come, YouGov will keep tracker public sentiment around this conflict.

Methodology: YouGov Surveys: Serviced provides quick survey results from nationally representative or targeted audiences in multiple markets. The US-Israel-Iran conflict findings are based on responses from 1022 Singaporean adults aged 18 and above, collected in April 2026. Consumer sentiment findings are based on cumulative data from multiple online survey waves conducted between September 2025 and April 2026. YouGov will continue tracking public sentiment around the macroeconomic trends in the months ahead. Learn more about Singapore consumer sentiment tracker.

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