https://arab.news/94c3q
- Kingdom’s PCSI for May stands at 72.7, slightly higher than April’s 71.9 score
- Data shows Saudi Arabia’s confidence levels are surpassing major economies like China and India
RIYADH: Consumer confidence in Saudi Arabia ranks among the highest globally, with 95 percent of respondents believing the country is heading in the right direction, according to a new survey.
The latest Ipsos Primary Consumer Sentiment Index for Saudi Arabia shows the Kingdom’s confidence levels are surpassing major economies like China and India.
The Kingdom’s PCSI for May stands at 72.7, slightly higher than April’s 71.9 score and significantly above the global average of 50.2.
The index evaluates current personal financial conditions, economic expectations, investment climate, and employment confidence.
Consumer trust aligns with Saudi Arabia’s economic growth projections, which are set to outpace the global average in 2025, according to the latest International Monetary Fund study.
The IMF’s World Economic Outlook update puts the Kingdom’s output increase at 4.7 percent next year — above the 3.3 percent international forecast.
When evaluating the current state of the local economy, 73 percent of the survey’s respondents described it as strong, while 24 percent viewed it as neutral.
Looking ahead, 87 percent anticipate a more robust economy in the next six months, reflecting significant optimism about future economic conditions.
Regarding personal finances, 47 percent of respondents rated their situation as strong, 8 percent as neutral, and 45 percent as weak.
Around 77 percent of respondents expect their financial situation to improve in the next six months, indicating a high level of personal financial assurance.
Job security confidence remains high, with 78 percent of respondents feeling more stable in their jobs compared to six months ago.
Confidence in making major purchases, such as homes or cars, has risen, with 77 percent feeling more comfortable than six months prior.
Looking ahead financially, 75 percent are confident in their ability to make future investments, including saving for retirement and their children’s education.
The top five consumer concerns are inflation, unemployment and jobs, taxes, climate change, and COVID-19.
The survey methodology involved self-administered online interviews with a sample size of 500 respondents aged 15 years and above. The criteria targeted the general public to ensure a broad representation of consumer sentiment.
Founded in 1975, Ipsos is one of the largest market research firms in the world operating in 90 markets. The company provides information based on surveys and professional studies.