Singapore now ranks 8th in Asia Pacific in consumer confidence after a 22 point dip in its Consumer Confidence Index (CCI) compared to last year.

Consumer confidence declined across all global regions in the last five months, and Asia is currently third in the world with a regional CCI of 85.1.

Within Asia, India came out tops followed by Indonesia and Australia. At 114 points, India is top in global Consumer Confidence rankings.

South Korea, which saw its stock market close at its lowest since October 2005 recently, languished at the bottom at 36 points, a loss of 14 points in the last five months.

Countries in Asia Pacific which recorded marginal increases in consumer confidence were Philippines (3 points), New Zealand, China and Thailand (each gained one point compared to five months ago).

Of the Asian survey respondents, 45% will cut spending on clothing and 43% will save on gas and electricity. 43% will cut down on out-of-home entertainment, while 39% are delaying upgrade of tech gadgets.

Latin America remained the most optimistic region, with a regional Consumer Confidence Index average of 96.8, followed by Middle East and Africa at 88.5.

Consumer confidence in North America fell 2 points to 83 while Europe fell five Index points to 77.

The global Nielsen Consumer Confidence average fell four index points from 88 to 84 points.

According to Nielsen, the turmoil this time round is likely to have a serious impact on lifestyle and cultural factors in many parts of the world compared to previous downturns. In fact, consumers have already started changing their daily spending patterns and lifestyle behaviour a year ago.

"Staying In has become the new Going Out for a new breed of credit crunch consumers," said Ms Vicky Santos, executive director of Nielson Singapore.

But she also says that the "stay-in" trend will provide new opportunities for at-home entertainment options, and food and beverage products.

» Singapore consumer confidence hits all time low