Saudi Arabia Consumer Confidence Remains Flat

Consumer confidence in Saudi Arabia remains flat from the first quarter at 104, according to consumer confidence findings from Nielsen. 
At the current level, the Kingdom is among the 12 countries globally to reach or exceed a score of 100, which is the optimism benchmark, the (Saudi Gazette) reported Monday. 
Job prospect sentiment improved two percentage points (50%), personal finance sentiment remains bright (64% favorable) while immediate-spending intentions have reduced by four percentage points (45%). 
In the six Africa/Middle East countries measured, confidence scores, which ranged from a high of 109 in the United Arab Emirates (a five-point increase from the first quarter) to a low of 78 in South Africa (a three-point increase) have been relatively consistent in each country over the past three or four quarters. Confidence in Saudi Arabia and Pakistan remained at 104 each, unchanged from the first quarter. Egypt’s score of 81 increased three points from the first quarter, while Morocco’s score of 83 declined one point. 
"Consumers are still cautious and rationalizing their spending. More than half of the respondents stated that it is not a good time to buy their needs and wants, with one in four respondents said they had no spare cash after paying basic living expenses" managing director of Nielsen Arabian Peninsula and Pakistan Arslan Ashraf said. 
"They have reduced their spending on out-of-home entertainment, home improvements / decorating and holidays / vacations while continuing to save and invest for retirement. Retail sales of fast-moving consumer goods are still showing a slow growth; however, if market conditions remain as it is, we may see the same level of consumer confidence and therefore some improvement in the long term," he added. 
Established in 2005, the Nielsen Consumer Confidence Index is fielded quarterly in 63 countries to measure the perceptions of local job prospects, personal finances, immediate spending intentions and related economic issues of real consumers around the world. Consumer confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism, respectively.