Results of the October 2019 Primary Consumer Sentiment Index (PCSI) in Saudi Arabia, released by Ipsos, reveal that despite a very slight drop in the index to 63.1 versus 63.5 in September 2019, the country still ranks second globally following China. The results also reveal that the vast majority of consumers in Saudi Arabia (83%), believe the Kingdom is heading in the right direction.
Consumers in Saudi Arabia now worry less about taxes, which historically ranked amongst the country’s top concerns. Unemployment does remain the top concern in the Kingdom, however has declined significantly in comparison to September 2019, not to mention the drop in job loss concerns by 10% over the past six months.
On a personal level, consumers in the kingdom top the list globally when it comes to their personal financial situation, whereby 31% believe that their situation is strong. They are also now more comfortable with making major purchases and buying household durable.
As for the national economy, 43% perceive the economic situation to be intact and robust while only a shy 5% consider it weak. Looking ahead to the coming 6 months, the majority have a positive outlook, whereby, 63% 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.