Research company Ipsos MENA has announced its Saudi Arabia Primary Consumer Sentiment Index (PCSI) for June 2019.Results reveal that the majority of consumers in the Kingdom (81%), still believe that the country is heading in the right direction. However, consumers’ views on different current financial states have become more neutral in comparison to findings published in April 2019.
Today, consumers are less confident with their personal financial situation with only 28% viewing it to be strong in comparison to 38% in April 2019.
On the other hand, only 9% of the consumers view the current economic situation of KSA as weak, compared to 11% in the last wave, which is the lowest recorded level in recent years.
After the slight drop in consumers’ confidence on their ability to make a major investment or purchase in April, confidence levels in June have placed KSA in the top 3 highest around the world following China and India, with an index of 62.1 compared to the global average which is 43.3.
With that, top two concerns for consumers in the Kingdom remain the same, with unemployment (34%) and taxes (31%) topping the list.
However, moral decline has joined the top 5 concerns list in June with 21% of consumers in KSA worrying about this issue.
The Primary Consumer Sentiment Index is a global index conducted monthly by Ipsos across 24 countries in collaboration with Thomson Reuters, and measures consumer attitudes towards the current and future state of the local economy, consumers’ personal financial situation, as well as confidence to make large investments and ability to save. The survey has been running monthly in Saudi Arabia since 2010.
KEY INSIGHTS:
- 81% believe that the country is heading in the right direction
- Only 9%, the lowest in recent years, believe their current personal financial situation is weak
- Unemployment and taxes remain the top concerns for consumers in KSA
