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ASEAN Consumer Sentiment Study 2026 (Regional): Consumer confidence remains resilient across ASEAN
The economic landscape across ASEAN remains challenging, with geopolitical uncertainty, inflation and rising household expenses continuing to shape consumer behaviour. Yet consumers across the region remain resilient and broadly optimistic about the future.
The seventh edition of the UOB ASEAN Consumer Sentiment Study (ACSS) surveyed 5,000 consumers across Singapore, Malaysia, Thailand, Indonesia and Vietnam, with 1,000 respondents from each market. Conducted in June 2026, the study provides an early snapshot of how consumers are responding to economic uncertainty, managing financial pressures and adjusting their spending priorities. The published regional release focuses on consumer sentiment and outlook, with further findings to be released subsequently.
Key Highlights
- ASEAN consumer confidence remains resilient. The regional Consumer Sentiment Index held steady at 54 in 2026 despite continued global volatility and geopolitical uncertainty.
- Sentiment varies across the five markets. Vietnam remained the most optimistic market, while Singapore and Thailand recorded the strongest year-on-year improvements.
- Cost pressures continue to shape consumer decisions. Rising household expenses, inflation and geopolitical developments remain major concerns, even as consumers continue to spend on essentials and experiences.
ASEAN Consumer Confidence Holds Steady
Consumer sentiment across ASEAN remained resilient in 2026, with the regional Consumer Sentiment Index holding steady at 54.
Confidence in the wider economy strengthened. Six in 10 consumers, or 60%, expressed positive views of current economic conditions, while 61% were optimistic about the future economic outlook. The regional macroeconomic sentiment sub-index consequently rose to 61.
Consumers were also cautiously optimistic about their personal finances, with six in 10 consumers (60%) expecting to be financially better off in the following year. However, concerns about household expenses, income security and long-term financial commitments continued to moderate that optimism.
In short, ASEAN consumers are optimistic about the broader economy, but their confidence in their personal financial outlook remains tempered by day-to-day financial pressures and longer-term obligations.
Sentiment Differs Across ASEAN Markets
The regional average masks important differences among the five markets.
Vietnam remained the most optimistic market in 2026. Singapore and Thailand recorded the strongest year-on-year improvements in consumer confidence, showing that sentiment is developing differently across the region.
These variations reinforce the importance of looking beyond a single regional figure. For businesses operating across ASEAN, consumer strategies should reflect local differences in confidence, affordability and expectations rather than treating the region as one uniform market.
Household Expenses and Global Uncertainty Remain Key Concerns
Despite resilient sentiment, financial and environmental concerns continue to weigh on consumers.
Nearly two-thirds of consumers, or 63%, cited the rising cost of living as a major concern, up three percentage points from 2025. Increased household expenses concerned 57%, also up three percentage points year on year. Concerns about climate change, natural disasters and pollution reached 56%, while the global geopolitical environment was cited by the same proportion.
Global tensions are also influencing perceptions of everyday costs. In relation to the US-Israel-Iran conflict, 54% were concerned about rising living costs, 46% about energy-related costs and 39% about higher costs of goods and imports.
These pressures are visible in household budgets. The largest net expenditure increases were reported for utility bills at 16%, household groceries and provisions at 12%, child education at 11% and daily commuting at 11%.
At the same time, a proportion of consumers are still making room for experiences. Spending increased most strongly on entertainment, concerts, events and festivals, followed by leisure travel, dining out and selected lifestyle activities. This suggests that consumers are balancing essential expenditure with experiences they continue to value.
What Consumers Can Take Away
The ACSS 2026 findings paint a picture of an ASEAN consumer who remains optimistic about the future while staying mindful of financial pressures.
Three key takeaways stand out:
- Remain optimistic while staying financially prepared. Regional confidence is resilient, but inflation and household expenses remain significant concerns.
- Prioritise spending carefully. Consumers are allocating more to essentials while continuing to make selective room for meaningful experiences.
- Pay attention to global developments. Geopolitical events can affect energy prices, imported goods and everyday living costs across an interconnected ASEAN economy.
As consumers navigate continued uncertainty, those who balance confidence, spending and financial preparedness will be better positioned for the year ahead.
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About this study
The ASEAN Consumer Sentiment Study (ACSS) is UOB’s flagship regional survey, tracking consumer trends and sentiment across five key markets: Singapore, Malaysia, Thailand, Indonesia and Vietnam.
Now in its seventh year, the 2026 edition of the study was conducted in June and captures the views of 5,000 consumers, with 1,000 respondents from each country.
Key topics covered include:
- Consumer sentiment
- Shifts in spending and financial preferences
- Digital and payment behaviours
- Cross-border activity
- Wealth & AI in banking
- Financial preparedness
Important notice and disclaimers
This article shall not be copied or relied upon by any person for whatever purpose. This article is given on a general basis without obligation and is strictly for information only. The information contained in this article is based on certain assumptions, information and conditions available as at the date of the article and may be subject to change at any time without notice. You should consult your own professional advisers about the issues discussed in this article. Nothing in this article constitutes accounting, legal, regulatory, tax or other advice. This article is not intended as an offer, recommendation, solicitation, or advice to purchase or sell any investment product, securities or instruments. Although reasonable care has been taken to ensure the accuracy and objectivity of the information contained in this article, UOB and its employees make no representation or warranty, whether express or implied, as to its accuracy, completeness and objectivity and accept no responsibility or liability for any error, inaccuracy, omission or any consequence or any loss or damage howsoever suffered by any person arising from any reliance on the views expressed and the information in this article.
