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Consumer confidence deteriorates in 1QCY21
Strict restrictions in wake of rise in Covid cases hit consumer trust
KARACHI:
The confidence of consumers in Pakistan’s economy deteriorated in the first quarter of 2021 due to toughening restrictions following a surge in Covid-19 cases in the country to contain the third wave of the pandemic.
During the Jan-Mar quarter, all consumer confidence parameters recorded a decline.
The consumer sentiment factor registered a strong deterioration as it fell 16% owing to uncertain economic conditions on account of re-imposition of smart lockdowns across the country, stated the Consumer Confidence Index (CCI) report for the first quarter of 2021. The report, prepared by Dun and Bradstreet Pakistan and Gallup Pakistan, assessed consumer confidence in the overall state of the economy as well as their personal financial situation.
Consumer confidence in Pakistan further deteriorated during the period between January and March this year. Reuters/File
LAHORE: Consumer confidence in Pakistan further deteriorated during the period between January and March this year, primarily owing to the restrictions renewed by the government to stop the rising Covid-19 infections that heralded the third wave of the pandemic in the country.
The major worry concerned the survey respondents the most was loss of jobs as the government imposes smart lockdowns in the major cities, curtails business hours and shuts schools in the wake of the third wave of Covid-19, while higher inflation continues to eat into the purchasing power of consumers.
Inflation and Unemployment Biggest Detriments to Consumer Confidence: Survey
Business
Key findings indicated that Consumer Confidence deteriorated in Q1 2021 which can be largely attributed to restrictions on account of rising COVID-19 cases in the country signaling a likely third wave of infection
Dun & Bradstreet Pakistan and Gallup Pakistan have issued their report on ‘Pakistan Consumer Confidence Index (CCI)’ for Q12021.
The CCI report has been developed by assessing Consumers’ Confidence about the economy and their personal financial situation. The Index covers four key parameters, i.e., Household Financial Situation, Country’s Economic Condition, Unemployment, and Household Savings.
The Index reflects the Current Situation (economic changes felt in the last six months) and Future Expectations (changes expected for the next six months) of consumers across the country.