Results of the January 2021 Primary Consumer Sentiment Index (PCSI) in Saudi Arabia, released by Ipsos, reveals a 5-point surge from the previous month to 65.2, an all time high since January 2020. This jump is the largest month-on-month increase seen in most recent years.
Saudi Arabia came in second when it comes to the current state of its economy, preceded by China. On the other hand, the country also remains in second place globally with consumers (86%), believing the Kingdom is heading in the right direction, remaining stagnant compared to the previous month.
While the Coronavirus continues to top the list of concerns in the Kingdom, taxes come in second, followed by unemployment, the latter of which has witnessed a minor (1%) decrease in comparison to last wave.
On a personal level, consumers in the Kingdom also came in second globally, when it comes to their personal financial situation, whereby 31% believe that their situation is strong, preceded by China. It is also notable that the ability to make a major purchase has seen an increase, whereby 65% feel more comfortable making a major purchase, compared to the previous month.
Looking ahead to the coming 6 months, the majority still have a positive outlook, whereby, 71% are confident that the economy will become even stronger.
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.