KARACHI: Consumer confidence in Pakistan dropped by three points in the third quarter, according to a survey conducted by a global performance management company, with job security being the biggest or second-biggest concern for a third of respondents.
Pakistan’s confidence, which had been on the rise since 2008 and reached its highest level in the first two quarters of this year, dropped to 101 in July-September from 104 in the previous quarter, according to the Nielsen Global Survey of Consumer Confidence and Spending Intentions.
Consumer confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism, respectively.
Pakistan still among 16 nations to reach or exceed the optimism benchmark
“Outlook for jobs remains unchanged at 47 per cent while personal finance sentiment was down by four percentage points (64pc) and immediate spending intentions (44pc) dropped one percentage point from the previous quarter,” Nielsen said in a statement.
Job security was followed by concerns for parents’ welfare and happiness (24pc), which was up three percentage points from the second quarter as well as worry about work or life balance (22pc) and children’s education and/or welfare (22pc); both concerns showed no change from the last quarter.
“The latest findings reveal that recessionary sentiment has lessened, however, the escalation of domestic and geopolitical issues have taken its toll on consumer confidence,” said Arslan Ashraf, the managing director of Nielsen Arabian Peninsula and Pakistan.
“In spite of the current developments, consumers are still optimistic about the economy and Pakistan is amongst the 16 countries globally to reach or exceed the optimism benchmark.
The average global consumer confidence rose by one point to 99 in the third quarter, according to the index.