Consumers uncertain over investments, purchases

KARACHI: As many as 91 percent of consumers across the country are finding it hard to purchase items of domestic and personal use. Besides, the current economic conditions have contributed to shake the confidence of the Pakistani consumers.

The IPSOS surveyed the consumer confidence index during November and solicited the opinon from a sample size of 1,100 people from different segments across the country. According to the survey, a sizeable figure of 91 percent consumers are reluctant to purchase a car or a house but 9 per cent are confident to tide over the present stressful conditions. The index found the overall consumer confidence to have declined by 11.5 percent from 38.8 percent in September 2021, to 27.3 percent in November 2021. This is 21 percent less than 48.5 percent global consumer confidence trend.

The Pakistani consumers’ confidence was also witnessed to have dropped in comparison to the regional countries including China where the consumer confidence hovers at 72.6 percent and India 58.6 percent.

As many as 85 percent expressed dismay in failing to save money, while 15 percent felt that they do not face any problems in savings. In addition, a total of 88 percent Pakistanis were apprehensive of losing their current jobs, while 46 percent reported either becoming jobless or know of an acquaintance who has lost job during the past one year. In contrary, 54 percent didn’t face any job security issue either to themselves or to any one in their knowledge. Besides,12 percent were confident of their job security. The IPSOS survey indicated that 88 percent Pakistanis were more worried about losing their jobs in November as compared September 2021.