Results of the April 2019 Primary Consumer Sentiment Index (PCSI) in Saudi Arabia reveal that an overwhelming majority of consumers in the Kingdom (85%) believe that the country is heading in the right direction, the highest percentage in 4 years, and building on a positive trend witnessed since the turn of the year.
Furthermore, 58% view the current state of the economy as positive, with only 11% viewing it as weak. Consumers are also more positive about the future, with 68% reporting being more confident about their personal financial situation in the next 6 months, and 79% expecting the Saudi economy to be stronger in the next 6 months, both percentages also representing some of the highest recorded levels in recent years.
While consumers’ views on the ability to make a major investment or purchase has gone down slightly compared to the previous month, the figures for the first 4 months of 2019 remain more positive than the average figures recorded in the previous 2 years.
Unemployment remains the top concern for consumers in the Kingdom (38%), followed by Taxes (21%) and Social Inequality (20%). 56% report knowing someone that has lost their job in the last 6 months, but despite that, 67% consumers feel more confident about job security in the next 6 months.
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 larger investments and ability to save. The survey has been running monthly in Saudi Arabia since 2010.