Survey says you are a more confident consumer now!

Shoppers browse the aisles of the Victoria's Secret flagship store in New York

According to a global survey, Pakistani consumers trust their economy and now are more confident in the future than a year ago as their confidence level has risen to highest level since 2008 with an index of 99 in the first quarter of 2014.

According to the latest Nielsen Global Survey of Consumer Confidence and Spending Intentions, the Pakistani consumers now feel more secure in money matters.

The survey noted that Pakistani consumers continue to express confidence in the incumbent government. “This appears to be an endorsement that the economy is showing signs of recovery, behind reforms and stabilization introduced by the current administration and despite the challenges living in one of the most populated countries in the world.”

More than half (57 percent) of Pakistani respondents regarded their personal finances positively, a level that has increased in comparison to the last quarter (55 percent).

Moreover, also the number of Pakistani consumers who told that it was a good time to buy things they want and need over the next 12 months has risen from 35 percent in 2013 up to 39 percent in 2014. S

everal years of internal political shuffling as well as low levels of foreign investment have led to recent slow growth and underdevelopment in Pakistan. “But, the situation has now changed. Democracy appears to have gained traction in Pakistan,” the survey said.

The confidence level of Pakistani consumers have increased 60 percent on the economy as comparing to 43 percent of previous quarter of 2013.

The Pakistan index – which recorded its lowest score of 86 in 2011 – represents a two-point increase from 2013 and a 12-point increase from a year ago.

Pakistan changes fast and is also changing fast in its development. Despite all the challenges, the country has a high potential to achieve significantly higher economic growth and prosperity.

Pakistan represents a large area of growth opportunity for industry, but capturing this opportunity hinges on marketers successfully identifying, understanding and effectively connecting with buyers’ needs and desires.

The Nielsen Global Survey of Consumer Confidence and Spending Intentions, established in 2005, measures consumer confidence, major concerns and spending intentions among more than 30,000 respondents with Internet access in 60 countries – Pakistan included.

 



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