According to the latest Nielsen Global Consumer Confidence survey, One-third of Singaporeans (33%) have started feeling the weight of the economic downturn, even before the official announcement that the Lion City is mired in a technical recession.

Singapore's consumer confidence index fell a further 10 points to an all-time low of 92.

Exactly one year ago, consumer confidence in Singapore peaked at 114. In terms of overall consumer sentiment, Singapore now ranks 8th in Asia Pacific and 14th globally.

On a more positive note, Singapore has one of the lowest proportions of consumers who think that the domestic economy is already in recession.

Among these consumers, only 22% expect the recession to end within the next 12 months.

Ms Vicky Santos, Executive Director of The Nielsen Company Singapore doesn't think that the "Singapore situation is grim" as the Republic is buoyed by "growth catalysts such as the opening of the Integrated Resorts, the Youth Olympic Games".

Christmas spending is likely to remain tight. Nearly half of the Singaporeans surveyed describe the state of their personal finances as "not so good or bad" which is a clear indication that extravagant spending sprees are curbed.

What are some corners Singaporeans are cutting to stay afloat?

Of the Singapore survey respondents, 58% will cut spending on clothing and 58% will save on gas and electricity. 50% will cut down on out-of-home entertainment, while 48% will switch to cheaper grocery brands, 47% are delaying upgrade of tech gadgets.

Any cash to spare?

A high majority 70% of the respondents will save if there is any spare cash after covering living expenses,

However, most Singaporeans have proven to be travel bugs sticking to their customary annual overseas trip.

Even in cost-saving mode, spending on holidays/vacation ranked second on their list if they have extra cash to spend.

For investors,investment plans are put on hold on the side of caution. As evidenced by the declining numbers of Singaporeans who put their money in stocks/mutual funds.

With a vote of confidence, Ms Santos advises, "Companies that continue to invest in their brands and products and stay constantly engaged with their target market will come out of this downturn as winners. Consumers will remember the companies and products which best understood their changing needs and demands during a slowdown."