In September, the Sila Saudi consumer sentiment index (CSI) saw a significant decline, with all 3 indexes losing multiple basis points in consumer sentiment.Business continues to be lagging other markets across the series considerably, bringing the overall sentiment scores down in comparison. Employment and Economy have been sustaining a net-positive position since the beginning of the year.
“Saudi Arabia continues to show the consumer confidence in government efforts and employment power – but little confidence in the stimulus of independent business is working against the intent of increasing the private sector. They may have a longer roll-out strategy in store.”
Paul Kelly, Managing Partner
September took a sharp fall in consumer confidence with a decline of -3.1 basis points overall.
Overall sentiment in Saudi remains at a net negative position with the recent announcements of various government stimulus efforts not yet taking effect on the general population.
All 3 major indices contributed to the overall fall in confidence this month.