JEDDAH: Consumer confidence in Saudi Arabia recorded the highest rise in the region this quarter, the latest quarterly Consumer Confidence Index (CCI) conducted by leading jobsite Bayt.com in conjunction with research specialists YouGov Siraj, reported Wednesday. Saudi CCI moved up the index by 10.7 points. Qatar recorded the largest drop moving down the index by 5 points. In Morocco it dropped by 3.6 points. CCI is a measure of consumer expectations and satisfaction of various elements of the economy including inflation, job opportunities and the cost of living. As part of the CCI, respondents are asked questions about their personal financial circumstances and how they compare to the same period last year. Overall, 35 percent of the region's respondents say their financial position is the same as last year and a quarter, 25 percent, say it has gotten better. In the Kingdom, 34 percent said they are better off than last year, 32 percent said they are in the same position and 27 percent said they are in a worse position than last year. Among the countries surveyed, 38 percent of respondents Oman said they are doing better than last year, the highest percentage recorded in the region, whereas in Jordan only 19 percent felt their financial position is better than last year, the lowest percentage recorded in the region. "The specific countries included in this CCI wave seem to be relatively stable as we are seeing them display similar figures each quarter indicating the after-effects of the recent global economic crisis may be calming down somewhat, resulting in a period of recovery and growth," said Amer Zureikat, VP Sales at Bayt.com In addition to financial position, consumer confidence is assessed by asking the respondents about their level of optimism towards the future, which forms the Consumer Expectations Index (CEI). The countries varied widely in terms of their consumer expectations. The Kingdom recorded an increase of 12.6 points since the last quarter with Morocco reporting a slight decrease of 0.1 points. Fifty six percent of respondents in Kingdom said their personal finances will be better a year from now, compared to just 4 percent that believe they will become worse.
