Results of the January 2020 Primary Consumer Sentiment Index (PCSI) in Saudi Arabia, released by Ipsos, reveal a positive increase of 3 points, reaching 65.7 at the beginning of the new year. The country still ranks second globally following China and the vast majority of consumers in Saudi Arabia (78%), believe the Kingdom is heading in the right direction.
Consumers in Saudi Arabia now worry less about unemployment and finding jobs, but still have taxes as their top concern. They are now more confident about finding jobs compared to the previous 6 months and about investing in the future. 73% stated that they can now save money for their retirement and children's education.
On a personal level, consumers in the kingdom top the list globally, when it comes to their personal financial situation, whereby 37% believe that their situation is strong. They also have a very positive outlook on the future of their financial situation.
As for the national economy, 50% perceive the economic situation to be intact and robust while only a shy 6% consider it weak, ranking the first worldwide. Looking ahead to the coming 6 months, the majority have a positive outlook, whereby, 69% 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.