Results of the May 2021 Primary Consumer Sentiment Index (PCSI) in Saudi Arabia, released by Ipsos, reveal a little over a one-point increase from the previous month to 67.4.
Saudi Arabia came in first when it comes to the current state of its economy overtaking China, with more than half saying that the economy is strong. The Kingdom comes in second place globally with consumers (88%) believing the country is heading in the right direction.
While the Coronavirus continues to top the list of concerns in the Kingdom, unemployment comes in second place overtaking taxes with a 7% increase in comparison to the previous month.
On a personal level, consumers in the Kingdom also came in fourth globally when it comes to their personal financial situation, whereby 22% believe that their financial situation is strong, preceded by Sweden, China and US. It is also notable that the ability to make a major purchase has seen a major increase since last wave, whereby 66% feel more comfortable making a major purchase, compared to 55% the previous wave.
Looking ahead to the coming 6 months, the majority still have a positive outlook, whereby, 71% are now more or less comfortable with investing in the future, including the ability to save money for retirement and children's education.
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.