ISLAMABAD: Optimism about country’s direction has nearly doubled in fourth quarter, as compared to third quarter, reaching its highest level in three years, with males and upper- and lower-income groups being most optimistic, claims Ipsos, a multinational market research and consulting firm that delivers information and understanding of society, markets and people, in its Consumer Confidence Index Survey.
The survey says economic concerns have significantly eased in 2024 with inflation dropping by 16 per cent as top worry among Pakistanis, marking its lowest in 3.5 years. In the survey, over 1,000 persons from the four provinces, Islamabad, Gilgit-Baltistan and Azad Jammu and Kashmir were interviewed.
The report says that Pakistanis describing the country’s state as strong has quadrupled since September 2023. Meanwhile, those perceiving it as weak have steadily declined by 9pc from their peak in the same month. Optimism about local economic conditions has also seen a positive shift of 20pc in Q4, with one in five Pakistanis (19pc) expecting improvements within the next six months, highest in one year.
Since last quarter, Pakistan has surpassed Turkiye in rankings for the first time in two years a positive change (1.2 pts) in Global Consumer Confidence Index.
It claims that one in three Pakistanis believe that economic condition of the country is strong or moderate. Males, urbanites, higher educated and middle class seem more optimistic. Similarly, since the worst conditions in September 2023, Pakistanis have shifted their views by 6pc, moving from inability to comfortability in making household purchases.
Moreover, one in five Pakistanis expect improvements within the next six months with males and middle- and lower-income groups being more optimistic than the rich.
After a dip in third quarter, confidence among Pakistanis about future savings has rebounded in fourth quarter. However, confidence in the ability to make major purchases continues to decline, with only 4pc of Pakistanis feeling comfortable making major purchases in fourth quarter.
The report claims that confidence in job security continues to show stability since second quarter, retaining the highest point in over three years.
Published in Dawn, December 11th, 2024
