Saudi Arabia’s Primary Consumer Sentiment Index - January 2023
Views towards the state of Saudi Arabia remain positive with an increase in the index since December 2022.
Results of the January 2023 Primary Consumer Sentiment Index (PCSI) in Saudi Arabia, released by Ipsos, reveal a an increase compared to the previous month, leaving it at 71.5 versus 68.5.
Saudi Arabia came in second place, succeeding the UAE, when it comes to the current state of its economy, with 66% saying that the economy is strong. The Kingdom also comes in first place globally with the vast majority of consumers (96%) believing the country is heading in the right direction, a 4% increase since December 2022.
When it comes to concerns, Inflation (32%) has topped the list passing unemployment and worries about taxes, both at 27%.
On a personal level, consumers in the Kingdom came in second place globally when it comes to their personal financial situation. Currently, 51% believe that their financial situation is strong. It is also notable that the ability to make a major purchase has increased since December 2022, whereby 86% feel more comfortable making a major purchase.
Looking ahead to the coming 6 months, the majority still have a positive outlook, with 86% more or less comfortable with investing in the future, including the ability to save money for retirement and children's education. Also, 84% expect the economy in their local area to be stronger than it is now.
The Primary Consumer Sentiment Index is a global index conducted monthly by Ipsos across 25 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.
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