Results of the October 2022 Primary Consumer Sentiment Index (PCSI) in Saudi Arabia, released by Ipsos, reveal a slight decrease compared to the previous month, leaving it at 69.2 versus 70.
Saudi Arabia came in second place when it comes to the current state of its economy, with 58% saying that the economy is strong. The Kingdom also comes in second place globally with the vast majority of consumers (93%) believing the country is heading in the right direction, a 2% decrease since September 2022.
When it comes to concerns, Inflation (39%) has topped the list passing worries about taxes (31%) which had been a major concern. Unemployment comes in third place with 25% expressing concern.
On a personal level, consumers in the Kingdom came in second place globally when it comes to their personal financial situation. Currently, 43% believe that their financial situation is strong. It is also notable that the ability to make a major purchase has increased since September, whereby 78% feel more comfortable making a major purchase.
Looking ahead to the coming 6 months, the majority still have a positive outlook, with 75% more or less comfortable with investing in the future, including the ability to save money for retirement and children's education. Also, 82% 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 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.
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