Business

Pakistani youth remain optimistic, says report


While Pakistan’s consumer confidence decreased four points from the fourth quarter of 2016, it maintained above the optimism baseline (100) at a score of 102, according to findings of the Nielsen Global Survey of Consumer Confidence and Spending Intentions for the second quarter of this year.

With 14 per cent of the respondents earning around Rs50,000 per month, 41pc individuals thought job prospects in the country were not very good while 39pc thought they were. It is interesting to note that at the same time 64pc respondents were confident about the state of their personal finances.

Job security remained the biggest concern of most individuals while 14pc respondents claimed that their parent’s welfare was their second biggest concern.

Of the total monthly budget, ‘food and beverages’ claimed the highest percentage of spending, followed by education and housing. And while 64pc claimed to not have changed their spending pattern to save on household expenses, most respondents spent their spare cash on new clothes, followed by saving.

Africa and the Middle East saw the greatest change globally, with the region’s consumer confidence index rising five points to a score of 88. Regionally, all confidence indicators improved in the second quarter of 2017

In the Africa-Middle East region, countries that posted scores at or above the optimism baseline of 100 include the United Arab Emirates (110) and Pakistan (102).

The findings in the Nielsen survey are based on an online methodology with a caveat that the research provides a perspective only on the habits of existing internet users, not total populations.

Since online penetration is still growing in developing countries like Pakistan, audiences may be younger and more affluent than the general population of that country, as can be highlighted by the respondents’ preferences.

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