SUMMARY
In August, the Sila Saudi consumer sentiment index (CSI) returned to a growth position, with all 3 indexes increasing in consumer sentiment.
The overall sentiment still remains at a net negative position however with confidence in business lagging other markets across the series considerably.
“We have seen an increase across all our major indices for consumer sentiment in Saudi Arabia in August.The combination of last months dips and the significant slowing of growth across all indices shows an indication of normalization from the leaps and bounds of growth of the first half of this year”
Paul Kelly, Managing Partner
The positivity and gains from previous months have started to wane as the index took its first negative turn since November 2020 and only begins to return with a modest increase this month of 0.7 basis points. This could be a sign of returning to a more sustainable trend as the positive gains of the previous months are difficult to maintain.
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