Results of the March 2021 Primary Consumer Sentiment Index (PCSI) in Saudi Arabia, released by Ipsos, reveal a 2-point decrease from the previous month to 61.4. However, views remain positive with 86% believing that the country is headed in the right direction.
Saudi Arabia came in first when it comes to the current state of its economy overtaking China, with almost half saying that the economy is strong. The Kingdom comes in second place globally when it comes to consumers (86%) believing the country is heading in the right direction.
While the Coronavirus continues to top the list of concerns in the Kingdom with a 5% increase, taxes come in second place, followed by unemployment, the latter of which has remained stagnant in comparison to last wave.
On a personal level, consumers in the Kingdom also came in third globally when it comes to their personal financial situation, whereby 24% believe that their financial situation is strong, preceded by Sweden and China. It is also notable that the ability to make a major purchase has seen a drop since last wave, whereby 57% feel more comfortable making a major purchase, compared to 65% the previous month.
Looking ahead to the coming 6 months, the majority still have a positive outlook, whereby, 72% 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.