Results of the September 2020 Primary Consumer Sentiment Index (PCSI) in Saudi Arabia, released by Ipsos, reveal a slight decrease from the previous month, reaching 57.3. Saudi Arabia has regained its number one rank when it comes to the current state of its economy, with China coming in second among all 24 markets surveyed. On the other hand, the country also remains in second place globally with consumers (80%), believing the Kingdom is heading in the right direction, a slight increase from the previous month.
While the Coronavirus continues to top the list of concerns in the Kingdom, taxes come in second, followed by unemployment which has seen an additional increase in comparison to last wave.
On a personal level, consumers in the kingdom came in fifth globally, when it comes to their personal financial situation, whereby 19% believe that their situation is strong, preceded by Sweden, China, the US and UK. It is also notable that the ability to make a major purchase has witnessed a surge, whereby now 62% of the people stated that compared to 6 months ago, they are more comfortable with making a major purchase.
Looking ahead to the coming 6 months, the majority still have a positive outlook, whereby, 65% 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.