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Egypt consumer confidence down by nine points

Egypt’s consumer confidence dropped to 94 points, outing itself as the most concerned nation about political stability worldwide.
Nielsen, a leading global provider for information and insights, released a report about Global Consumer Confidence in 2012, which revealed that online Egyptian consumers are less happy and satisfied than they were last year.

“The last 2 years were seesaw years when emotions and consumer sentiments in Egypt went up and down in reaction to the fast-changing political and economic land-scape,” said Ram Mohan Rao, managing director, Nielsen Egypt. “Consumer confidence improved in the first half of 2012, but dropped in the last quarter- an indication of how consumers are interpreting the current economic climate and the tough economic steps the government is contemplating to implement. If people do not see any quick improvement in the economy then it is possible that in the short term consumer confidence will continue to slide.”.

Eighty-six percent of online consumers in Egypt said they were in a recession in Q4, a six-percent increase from last quarter while more people are less confident that we’ll be out of this recession within a year, whereas 27 percent say we will not be out of the recession within a year. Egypt is the second country on the top 10 global scale to be hopeful that the country will be out of the recession with a year (43%) despite the 12-percent decline witnessed since last quarter. Thirty-one percent are not clear about when we will get out of this recession.

While Egyptian respondents’ concerns about the economy increased five percent over last quarter to reach 36 percent, Egypt comes as the 6th country on the top 10 global countries to have this concern. Political stability is the second concern that worries Egyptians (29%) with a two percent increase than last quarter, yet Egyptians are the most concerned nation about political stability across the world. Concerns about crime (12%), terrorism (12%) and war (10%) are still found higher than pre-revolution times and places Egypt in the list of the top 10 countries that worry about these concerns. Egypt is also listed as the 9th country in the top 10 list that cares about parents’ welfare and happiness (12%).

Half of Egyptian online consumers (50%) find local job prospects to be excellent/good with a nine percent decrease than last quarter while 45 percent find it bad witnessing an increase of 11 percent since last quarter. Confidence in personal finances was 57percent, with a drop of 7 percent from the previous quarter.Sixty-four percent of Egyptian respondents said it was not a good time to buy things wanted and needed over the next 12 months, marking a seven percent increase than Q3 2012.