98% Pakistanis believe country is headed in wrong direction: IPSOS Survey
ISLAMABAD, Sep 15 (SABAH): According to the results of the consumer confidence survey conducted by a private organization IPSOS, 98% Pakistanis believe country is headed in wrong direction, for now, ever highest negative sentiment since we started consumer confidence survey in Pakistan. The survey was conducted 28th August to 1st September. 1120 Pakistanis aged over 18 years took part in the survey.
The question was asked, generally speaking, would you say things in this country are heading in the right direction, or are they off on the wrong track?
98 percent Pakistanis who took part in the survey answered that Pakistan is going towards wrong direction and only 2 percent Pakistanis replied that Pakistan was going in right direction.
Sharp increase in perception of ‘increase in electricity prices’ as the most worrying issue, concern regarding the unemployment significantly high.
Question was asked that according to you, which of the following is the Most & Other worrying issue in Pakistan?
While replying the question, 85 percent Pakistanis named inflation, 57 percent unemployment, 41 increasing poverty, 33 increase in electricity prices and 15 percent burden of additional taxes.
Pakistanis calling country’s current state of economy as ‘weak’ has increased highest 76% since we started.
Compared to last quarter, 8% more Pakistanis view their current financial situation to be weak.
6 in 10 Pakistanis don’t expect economy and their personal financial situation getting better in the next 6 months.
Pakistanis’ confidence regarding job security remains extremely low with 9 in 10 less confident about it.
Compared to 1 year ago, are you now more or less confident about job security for yourself, your family and other people you know personally?
Significant increase as 64% Pakistani’s claimed to personally know someone who lost their job as a result of economic conditions.
Thinking of the last 1 year, have you, someone in your family or someone else you know personally lost their job as a result of
economic conditions?
96% Pakistani’s less confidence about their ability to invest in future, ever highest negative sentiment since we started consumer confidence survey in Pakistan.
Compared to 1 year ago, are you now more or less confident to invest in the future, including your ability to save money for your retirement or your children’s education?
Pakistanis reported ability to make major purchases has reached its
lowest level since we started doing the consumer confidence survey in August 2019.
Pakistanis reported ability to make major purchases has reached its
lowest level since we started doing the consumer confidence compared with the last quarter, Pakistan consumers’ confidence index decreased by 2.9 points.
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.