Majority of Saudis ‘not affected’ by downturn
Nearly 60 percent of KSA consumers say the financial crisis has had no impact on them.
April 21, 2010 5:08 by Ben Flanagan
Nearly 60 percent of consumers in Saudi Arabia say they have not been affected by the financial crisis – compared to just 10 percent of UAE residents, according to a recent survey.
The second Ipsos Consumer Confidence Tracker, which covered the UAE, KSA, Kuwait, Jordan, Egypt, Lebanon and Morocco, found that Gulf consumers’ perceptions of the current economic situation did not change significantly between June 2009 and March 2010.
Consumers in Saudi Arabia are the most confident, with an average rating 6.9 out of 10, where ‘10’ represents a ‘very strong’ faith in the economy. KSA consumers were also the most likely to feel increasingly comfortable about making big purchases – such as a house or car – in 2010.
But 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.