Survey: Consumer confidence rallying

Survey: Consumer confidence rallying

Research firm sees positives for housing

An artist's rendition of a single detached house project by Property Perfect Plc. Housing demand is expected to improve as consumer confidence rebounds.
An artist's rendition of a single detached house project by Property Perfect Plc. Housing demand is expected to improve as consumer confidence rebounds.

A consumer confidence survey showed a large uptick in March from December 2021, with one possible outcome an increase in housing demand going forward, according to property research and consultancy Terra Media and Consulting Ltd.

Managing director Sumitra Wongpakdee said the overall index of 200 respondents in March rose to 85.4 from 75.6 in December 2021.

"The majority in seven career groups were confident about the future, particularly their financial status for the next 12 months, which they expected to be better," she said.

Terra surveyed the confidence of seven career groups comprising business owners with no employees, business owners with 10 employees or fewer, professionals such as teachers and doctors, department managers or managers in private firms, general employees in private firms, freelancers and civil servants.

Expectation regarding financial status over the next 12 months had the highest total index at 94.4.

There were five career groups that had a financial index above 80, led by civil servants and department managers at 100, followed by business owners with no employees (96.3), general employees (94.3) and business owners with 10 employees or less (90).

The scores for professionals and freelancers were 85.7 and 80, respectively.

The second highest total index was confidence in the economy over the next five years at 89.5.

For this index, business owners with 10 employees or less saw the lowest index at 54.6, while the other six careers had an index higher than 83.

When asked about their confidence in the overall economy over the next 12 months, the total index was slightly lower at 82.9, with freelancers and civil servants showing the highest confidence at 100. Business owners with 10 staff or less had the lowest confidence regarding the short-term outlook as they had an index of only 54.6.

Regarding whether their current financial status was better or worse compared with last year, freelancers had the lowest index at 33.3, followed by professionals at 54.6.

The other five careers had an index ranging from 75 to 94.1, with department managers posting the highest index (94.1), followed by business owners with no employees (88.9) and general employees (85.3).

The survey also asked whether this was a good time to purchase high-value items such as property or cars. The total index for this question was the lowest of the five questions at 78.5.

Freelancers had the highest index at 100, while professionals showed the lowest confidence at 33.3.

Among the seven careers, business owners with no employees had the highest total index at 95.0, followed by department managers (91.7) and freelancers (90.6).

The lowest total index was professionals at 63.3 and business owners with 10 employees or less at 68.6. General employees had a total index of 85 and civil servants tallied 78.6.

"We recently talked with large developers. They said the market in the first three months showed good signs despite flat growth in bookings because the majority of homebuyers used cash," said Ms Sumitra. "Very few used mortgages."

Small developers had no bookings despite a number of customer visits, she said.

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