39% of S'poreans believe S’pore will enter recession in next 6 months: YouGov survey

Nearly four in 10 Singaporeans believe that Singapore will enter a recession in the next six months.

While those who are economically pessimistic were still in the minority, consumer sentiment in Singapore is weakening amid geopolitical tensions, growing economic pessimism and rising cost-of-living pressures, a survey found.

Methodologies

Conducted by global online market research and data analytics firm YouGov in April 2026, the survey findings were based on responses from 1,022 Singaporean adults aged 18 and above.

Consumer sentiment findings were derived from cumulative data from multiple online survey waves conducted between September 2025 and April 2026. 

Economic pessimism

In April, 39 per cent of Singaporeans believe that the country will enter a recession.

In comparison, 15 per cent believe the economy would grow, while 20 per cent believe it would remain stable, a decrease from 28 per cent and 32 per cent, respectively, in January.

The remaining 25 per cent remained unsure.

Within the same period, 59 per cent of Singaporeans also expect a global recession.

US-Israel war on Iran

A total of 93 per cent of Singaporeans report familiarity with the ongoing conflict between the United States, Israel and Iran.

The impact of the conflict was felt at both personal and economic levels.

The majority of Singaporeans were affected by the conflict, with 37 per cent moderately affected and 26 per cent extremely or very affected.

Some 29 per cent were slightly affected, while 8 per cent claimed they were not at all affected.

Rising costs & impacts

Among the various increases in living expenses, about seven in 10 Singaporeans believe that conflict in the Middle East drove up household energy costs.

Some 56 per cent believe it increased grocery bills, and 50 per cent believe it increased commuting costs.

About 49 per cent agree that it increased the price of dining out.

Older consumers, particularly Gen X and Baby Boomers, were more affected by the pressures of rising energy and food costs compared to younger consumers.

Some 36 per cent were also concerned about the impact of market volatility on their investments.

About 21 per cent reported that it affected travel plans to impacted regions, and 33 per cent cited higher airfares as a concern.

The conflict also affected the mental well-being of 27 per cent of respondents, as they reported stress or anxiety linked to it.

Spending behaviours

Singaporeans are adjusting their spending behaviours in response to the ongoing conflict.

About 38 per cent utilised deals, vouchers, and promotions to manage expenses.

Some 31 per cent saved more and held additional cash reserves.

About 26 per cent adjusted to using public transport or alternative modes of commuting to reduce fuel-related costs.

And 48 per cent had adjusted, delayed or cancelled travel plans.

Despite heightened global uncertainty amid the ongoing conflict, only 12 per cent have stocked up on supplies for it.

Among commonly stocked items, 69 per cent were long shelf-life foods, 38 per cent were medications, 36 per cent were hygiene products, and 26 per cent were bottled water.