Results of the July 2020 Primary Consumer Sentiment Index (PCSI) in Saudi Arabia, released by Ipsos, reveal a two-point decrease from the previous month, reaching 57.7. Saudi Arabia now ranks second when it comes to the current state of its economy, with China taking the lead again among all 24 markets surveyed. On the other hand, the country also remains in second place globally with consumers (84%), believing the Kingdom is heading in the right direction, a slight drop from the previous month.
While the Coronavirus continues to top the list of concerns in the Kingdom, unemployment comes in second, followed by taxes which have seen an additional increase in comparison to last wave.
On a personal level, consumers in the kingdom came in third globally, when it comes to their personal financial situation, whereby 23% believe that their situation is strong, preceded by Sweden in second place and China in first. It is also notable that the ability to make a major purchase has witnessed a plunge, whereby now half of the people stated that compared to 6 months ago, they are less comfortable with making a major purchase.
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, a slight increase compared to last month.
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.