Consumers across Southeast Asia are becoming more conscious and deliberate in how they spend, as geopolitical uncertainty and weaker financial confidence continue to reshape consumer behaviour across the region. These insights are drawn from the Milieu 2026 Consumer Study, a survey of 3,000 respondents across Singapore, Thailand, Malaysia, Indonesia, Vietnam and the Philippines conducted in April 2026.

Spending patterns in 2026 show a clear shift from cautious to more intentional behaviour. In 2026, 54% of consumers described their approach as “spend wisely,” reflecting a transition from the more cautious mindset recorded in 2025. The proportion of consumers planning to be more careful with their spending over the next three months has also risen significantly to 53%, compared to 32% in 2025. However, overall spending momentum has softened, with 46% of respondents saying they were spending more than three months ago, down from 51% in 2025, while those spending less increased from 19% to 24%. Financial confidence has also declined, with only 30% of consumers feeling confident about their financial outlook for the next three months, compared to 40% in 2025. At the same time, those expressing low confidence rose from 22% to 30%. Respondents in 2026 were also asked to factor in the current global situation, including economic, political and conflict-related conditions, reflecting the growing influence of external uncertainty on consumer sentiment.

Geopolitical instability is increasingly shaping spending behaviour across the region. For the first time, the study highlights global conflict and political tension as direct influences on consumer decisions. More than half of Southeast Asian consumers (51%) reported reducing spending on non-essential goods due to wars and political conflicts, while 46% said they are saving more to manage global uncertainty and 33% have stocked up on essential items as a precaution. These concerns also extend to purchasing preferences, with 23% of consumers actively avoiding products or brands from countries involved in conflict, and 15% citing price volatility linked to global politics as a factor influencing their recent purchasing decisions.

Saving behaviour in 2026 has also become more defensive in nature. Around 40% of consumers plan to increase their savings and investments over the next three months, making it the second-highest spending priority after groceries. However, unlike in 2025 where saving was largely driven by long-term financial goals, 2026 reflects a shift towards precautionary saving shaped by uncertainty and economic concerns. Regionally, the Philippines leads with 54% of consumers planning to save more, followed by Malaysia at 42% and Indonesia at 40%.

Despite broader financial caution, health spending remains highly resilient across Southeast Asia. Only 3% of consumers identified health and wellness as the first category they would cut under inflationary pressure, consistent with 2025 results. In the past month, 31% reported increased spending on health and personal care, led by the Philippines (36%), Malaysia (35%) and Vietnam (34%). Health has effectively become a non-negotiable category alongside groceries, reflecting sustained consumer prioritisation of wellbeing. In contrast, travel and experiences are showing moderation. Only 13% of consumers reported increased travel spending in the past month, down from 21% in 2025, while forward intent has fallen sharply to 17% in 2026 from 33% in 2025. This suggests that while travel remains part of consumer plans, it is being approached with greater caution and longer planning cycles, with markets such as Singapore and Vietnam recording the steepest declines, while Thailand maintains relatively stronger travel demand.

In this more cautious economic environment, brand loyalty is increasingly shaped by value and trust. Price remains the leading factor in product selection, with 71% of consumers citing best price as their top consideration, while 58% said discounts influenced their purchases in the past month. However, long-term loyalty is driven more by perceived value and reliability, with “worth the money” (53%) and “consistent quality” (51%) emerging as the top loyalty drivers in 2026. This aligns closely with 2025 findings, reinforcing that while price attracts consumers initially, trust and quality are key to retention. Milieu Southeast Asia CEO Cindy Pang noted that consumers are adapting to uncertainty by becoming more deliberate in their spending, with value, resilience and financial security increasingly shaping everyday decisions. She added that this environment also presents opportunities for brands that can demonstrate trust, stability and long-term value, as these qualities are likely to resonate more strongly with consumers moving forward.