Overall Consumer Confidence Index of Pakistanis in Quarter 4 this year gone up by 3 points as compared to same period last year: IPSOS Survey
ISLAMABAD, Dec 12, (SABAH): According to the survey conducted by a non-governmental organization IPSOS, Overall Consumer Confidence Index of Pakistanis in Quarter 4 this year gone up by 3 points as compared to same period last year.
The IPSOS survey was conducted from 29th November to 4th December. 1,015 adults of 18 years and above took part in the survey.
According to the results of survey, for the first time since current government taken charge, an upward trend can be seen in Pakistanis’ optimism about country’s direction. Males, middle-aged and rural dwellers are more optimistic than others.
However, Pakistanis’ perception of country’s direction being wrong has not always been the case, in the election year 2018, 74% thought of country heading in the RIGHT direction.
According to the results of the survey, inflation, unemployment, and rising poverty still haunt majority of the public. Sharp increase in perception of ‘inflation’ as the most worrying issue, concern regarding the floods significantly dropped in the last one quarter.
Inflation and unemployment have always been biggest concerns for Pakistanis in the last decade; however the magnitude of concern was much lower before 2019. The trend of Pakistanis considering country’s current state of economy as ‘weak’ seems got arrested. Still, only 5% call it strong.
Only 1 in 6 Pakistanis foresee the economy getting stronger –Males, middle-aged and rural dwellers are more optimistic than others. Again, for first time since government change, the trend of Pakistanis stating their own financial situation as ‘weak’ has gone down. Still, only 5% call it strong.
Nearly 1 in 4 expect their financial situation to be getting better in next 6 months, while more than half (55%) think their financial situation to be even weaker in coming 6 months. Pakistanis’ confidence regarding job security remains extremely low with 9 in 10 less confident about it as compared to one year ago. 55% Pakistanis claimed to personally know someone who lost their job as a result of economic conditions, trend is consistent in the last one quarter.
According to the results of the IPSOS survey, Pakistanis’ confidence about their ability to invest in future has slightly slipped further. Similarly, 95% are less confident to make a major purchase. 95% Pakistanis are less comfortable in making household purchases.
Compared with the last year, Pakistan Consumers’ Confidence Index gained 3 points; however, Pakistan remains the lowest among similar emerging markets.
It is worth mentioning here that IPSOS Global Consumer Confidence Index (GCCI) is a national survey of consumer attitudes on the current and future state of the local economy, personal financial situation, as well as confidence to make large investments and ability to save.
Consumer sentiment is a key predictor of purchase trends in the market. Despite it being a lagging indicator, if consumer confidence is high, people will make more purchases and the economy will expand.
Businesses and Policy Makers can monitor changes in the index to factor the data in their decision-making processes. A wave-on-wave decreasing trend suggests consumers have a negative outlook on their ability to spend. Thus, manufacturers may expect consumers to avoid retail purchases, particularly items that require financing. Likewise, banks can anticipate a decrease in lending activity, mortgage applications, and credit card usage.
IPSOS is the third largest market research company in the world, present in 90 markets and employing more than 18,000people. Our research professionals, analysts and scientists have built unique multispecialist capabilities that provide powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. Our 75 business solutions are based on primary data coming from our surveys, social media monitoring, and qualitative or observational techniques. “Game Changers” – our tagline – summarises our ambition to help our 5,000 clients to navigate more easily our deeply changing world. Founded in France in 1975, IPSOS is listed on the Euronext Paris since July 1st, 1999. The company is part of the SBF 120 and the Mid-60 index and is eligible for the Deferred Settlement Service (SRD).
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