CONFIDENCE DECLINES IN SAUDI ARABIA AND EGYPT AS WELL
Consumer Confidence decreased in three of five countries measured in the Middle East/Africa region and held steady in two in the second quarter. At 108, the United Arab Emirates (UAE) had as mentioned before the highest index in the region, but it decreased seven points from the first quarter—the biggest quarterly decline in six years. Confidence declined five points in Egypt to 85 and two points in Saudi Arabia to 105. Confidence levels in Pakistan (102) and South Africa (87) were unchanged from the first quarter.
Regionally, while sentiment about job prospects edged up one percentage point to 45%, personal finances sentiment declined two percentage points to 58%, and immediate spending intentions declined three percentage points to 36% from the first quarter. Recessionary sentiment increased in four of five Middle East/Africa markets: Egypt and South Africa each increased three percentage points to 82% and 73%, respectively, and Saudi Arabia and the United Arab Emirates – as mentioned before – increased two percentage point to 45% and 41%, respectively.
Regionally, quarter-on-quarter discretionary spending and saving intentions changed marginally across most lifestyle categories. Intentions to save declined two percentage points to 37%, but plans to invest increased two percentage points to 12%. Paying debts was the priority for 22% of respondents, an increase of three percentage points, and spending on new clothes (27%) and holidays/vacations (19%) increased one percentage point each from the first quarter.