The large majority of consumers in Saudi Arabia still believe the country’s economy is heading in the right direction although unemployment and taxes remain their top concerns, according to a new survey.
The Saudi Arabia Primary Consumer Sentiment Index (PCSI) for June carried out by Ipsos reveal that only 9 percent of consumers, the lowest in recent years, believe their current personal financial situation is weak.
However, consumers’ views on different current financial states have become more neutral in comparison to findings published in April, Ipsos said.
It said consumers are now less confident about their personal financial situation with 28 percent viewing it to be strong in comparison to 38 percent in April.
After a slight drop in consumers’ confidence on their ability to make a major investment or purchase in April, confidence levels in June have placed Saudi Arabia in the top three in the world after China and India, with an index of 62.1 compared to the global average which is 43.3, Ipsos said.
It added that the top concerns for consumers in the kingdom remain the same, with unemployment (34 percent) and taxes (31 percent) highlighted.
However, the Ipsos survey also revealed that moral decline has joined the top five concerns list in June with 21 percent of consumers in Saudi Arabia worrying about this issue.
The Primary Consumer Sentiment Index is a global index conducted monthly by Ipsos across 24 countries in collaboration with Thomson Reuters. The survey has been running in Saudi Arabia since 2010.
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