Web desk: Pakistan’s Consumer Confidence Index rose 0.8 points to its highest level in three years.
Global Consumer Confidence Index Report December 2024 released. Pakistan’s Consumer Confidence Index rose 0.8 points to its highest level in three years. The following points in the report show positive effects on the country’s economy.
Population of the commons is like a main of economy, reached to 16% from 4% in this duration.
According to the report, ease of buying essential items such as vehicles and houses has quadrupled over the previous quarters.
Concerns regarding inflation have dropped to their lowest levels in three years, reflecting a stabilization in the economy. The Consumer Confidence Index (CCI) regarding job security has seen a 3% increase, suggesting a positive outlook for employment.
There has been a continuous rise in savings confidence, with 15% of individuals feeling optimistic about their financial prospects. The number of Pakistanis feeling at ease with their daily purchases has jumped from 4% to 10%, indicating an increase in financial stability. Among the four sub-indices of consumer confidence, improvements have been noted in three areas.
Despite ongoing challenges, the economy exhibits clear resilience, with consumer optimism steadily increasing. The recovery trend aligns with regional standards, signaling stability in the economy. Pakistan’s CCI has shown better performance compared to previous years, reflecting improved economic management and resilience.
Significant growth has been recorded in the purchase of durable goods (+13%). Conditions for purchasing homes have improved by 10.7%, showcasing an increase in long-term confidence. Additionally, expectations about future household financial conditions have risen by 10%, indicating a hopeful perspective among consumers.
In comparison to other emerging markets, Pakistan appears to be on a path of recovery. There has been an improvement in income expectations over the past year, which is enhancing the number of individuals feeling optimistic about the economy’s future direction, with a 6% increase noted.
The inflation index has shown a consistent decrease, particularly in the food and energy categories. A marked recovery in personal financial conditions has been observed compared to 2023. This positive sentiment is indicative of the stability and growth of Pakistan’s economy.
The consistent recovery in consumer confidence reflects macroeconomic management and public expectations, despite the ongoing challenges within the country. Improved outlooks on savings, job security, and purchasing power are indicative of growing resilience among Pakistani consumers. Economic indicators suggest a gradual transition from stability to sustainable growth, providing clear benefits at both household and business levels.
