Views towards the state of Saudi Arabia remain positive despite a slight decrease in the index since April 2023.
Results of the May 2023 Primary Consumer Sentiment Index (PCSI) in Saudi Arabia, released by Ipsos, reveal a slight decrease compared to the previous month, leaving it at 69.5 versus 70.2.
Saudi Arabia came in first place, when it comes to the current state of its economy, with 62% saying that the economy is strong. The Kingdom also comes in first place globally with the vast majority of consumers (94%) believing the country is heading in the right direction.
When it comes to concerns, Inflation (36%) has topped the list passing unemployment (31%) and worries about taxes (30%).
On a personal level, consumers in the Kingdom also topped the list globally when it comes to their personal financial situation. Currently, 46% believe that their financial situation is strong and 79% feel more comfortable making a major purchase.
Looking ahead to the coming 6 months, the majority still have a positive outlook, with 80% more or less comfortable with investing in the future, including the ability to save money for retirement and children’s education. Also, 78% 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 25 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.