Consumer confidence in the Middle East and Africa confidence fell during the last quarter of 2011, a study by Nielsen said. Consumer confidence declined sharply in Saudi Arabia in the period covered, according to the latest global consumer confidence findings from Nielsen. In the MENA region, the survey found that confidence fell by seven points in the Kingdom, five points in Egypt and remained flat in the UAE. The top concern for one in five consumers in the region was job security, while other concerns included worries over political stability and the economy. "Political turmoil in the Middle East and doubts toward future oil demand… led to depressed consumer sentiments in Saudi Arabia," said Arslan Ashraf, managing director, Nielsen Saudi Arabia. "However, through hefty stimulus packages, the Saudi government is making efforts to insulate the economy from these global and regional developments." Overall, while the survey found that global consumer confidence increased one index point during the period, confidence levels fell in 60 percent of global markets. Europe also recorded its lowest regional confidence reading since the first quarter of 2009 at 71 points, a quarterly decline of three points. A score above 100 shows positive growth, while below 100 is negative. The results, which are based on an online survey of 28,000 Internet consumers conducted in 56 countries, showed an overall decline in 35 out of the 56 global markets. "While Europe's challenging economic conditions in the second half of 2011 bought renewed vulnerability and fragility to consumers and financial markets globally, some of the most positive news last quarter came from the world's two largest economies – the US and China - where confidence rebounded to first quarter 2011 levels," said Dr. Venkatesh Bala, chief economist at The Cambridge Group, a part of Nielsen.
