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Crisis? What crisis?

The majority of consumers in Saudi Arabia say they weren’t affected by the financial downturn. But only 10% of people in the UAE feel the same way, according to a survey by Ipsos.

April 21, 2010 5:26 by

  • It’s a good time to live in Saudi Arabia, according to a recent consumer confidence survey.

    Nearly 60 percent of KSA respondents said they have not been affected by the financial crisis – compared to just 8 and 10 percent in Morocco and UAE, according to the Ipsos Consumer Confidence Tracker.

    The second such survey was conducted in the following MENA countries: KSA, UAE, Kuwait, Jordan, Egypt, Lebanon and Morocco. “The Ipsos Consumer Confidence Tracker measures the respondent’s evaluation of their country’s current, expected economic situation, personal financial status, and also takes a comparative look at their opinions,” said a statement released by the company.

    While KSA respondents were the most likely to feel comfortable about making big purchases in 2010 compared to last year, UAE consumers are the most confident for the future, with 78 percent of respondents saying that the economy would be stronger in five years’ time.

    Click ‘next’ to see the full survey results.

  • Gulf consumers' perceptions of the current economic situation have not changed significantly between June 2009 and March 2010. Consumers in Saudi Arabia are the most confident, with a mean score of 6.9/10, where ‘10’ represents a ‘very strong’ economy.

    However in Egypt there was a significant drop in confidence – with the average score down from 5.6/10 last June to 4.5/10 in March 2010, according to the Ipsos report.

  • Respondents lean toward a positive outlook for 2015. Consumers in the UAE were most confident for the future, with 78 percent of respondents saying that the economy would be ‘somewhat’ or ‘much’ stronger in five years’ time. Perhaps due to the political situation, Lebanon respondents displayed the most uncertainty: 30 percent said that they are ‘not sure’ what the future will hold.

  • Respondents from all countries said that their personal financial situation would not be markedly different in 2010 compared to last year. Kuwaitis were the most content, with a mean score of 6.3/10 for this year, where 10 represents the strongest financial position.

  • Out of all the countries surveyed, respondents in Lebanon were the least satisfied with their personal wealth. The mean score for Lebanon was 4.51/10.

  • This graph, showing the levels of confidence amongst respondents with regards to making major purchases (such as a home or car), shows a level of ‘homogeneousness’ among the MENA countries, according to Ipsos. With the exception of Morocco, the majority of respondents from all countries said that they are less comfortable making big purchases now compared to last year.

  • Respondents from Saudi Arabia were the most likely to feel more comfortable about making big purchases in 2010 compared to last year.

  • Surprisingly, 58 percent of respondents in Saudi Arabia said they have felt no personal impact of the financial crisis, according to the Ipsos study.  But it was certainly felt in Morocco and UAE, where 92 percent and 90 percent of respondents said that they had been affected by the downturn.

 

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