Confidence of Pakistani consumers on economy below global average: survey

• Total average of consumers at international level, who repose confidence in their countries’ economies, is 44.7% while Pakistan stands at 36.9%.
• Majority of Pakistanis are fearful that they may become unemployed in the next six months.
• Survey shows people are not ready to make a big investment in the country due to non-confidence in the economy.

ISLAMABAD: A survey has shown that the confidence of Pakistani consumers in the country’s economy has declined and is below the global average recorded.

IPSOS in its recent survey on the global consumer confidence index revealed that the Pakistani consumers are not only dissatisfied with future investment but are also expressing no-confidence in important purchases. Besides this, the majority of Pakistanis are fearful that they may become unemployed.

The survey was based on the opinion of over 1,000 consumers selected from across Pakistan and was done between March 18 to March 24.

The report revealed that the total average of consumers at the international level, who repose confidence in their countries’ economies, is 44.7% while this ratio for Pakistan stands at 36.9%.

The numbers are abysmal because neighbouring China has a total confidence ratio of consumers at 71.8% while India is at 56.9%.

The survey showed that people are not ready to make a big investment in the country due to non-confidence in the economy.

Every 8 out of 10 Pakistanis, which is 82%, is not confident about buying a car or home and the same situation was observed in buying other household things and 81% of consumers expressed no confidence in connection with buying household items.

Similarly, 80% of consumers expressed no confidence over investments in the future. In the survey, 4 out of 5 Pakistanis, 79%, expressed insecurity over their own and other people’s job.

Two out of every 5 Pakistanis, or 43%, have stated that they know of someone who has become unemployed due to the economic situation of the country.

On the other hand, every 3 Pakistani out of 4, 73%, fear becoming unemployed in the next six months. While 27% think contrary to that and said that their jobs will be safe in the next six months.