Consumer Confidence in Pakistan: Rising Economic Concerns Amid Uncertain Future
A recent Consumer Confidence Index Survey by Ipsos reveals that only a small fraction of Pakistanis—just 11%—believe the country is on the right track, with a significant 89% expressing concerns about its current direction. Interestingly, rural residents tend to be more optimistic than their urban counterparts.
When respondents were asked whether they felt the country was moving in the right direction or veering off course, the overwhelming majority voiced concerns, indicating a deep-seated dissatisfaction with the country’s trajectory. The survey highlights that, despite some improvement, economic challenges remain the most pressing issue for Pakistanis. In the third quarter of 2024, concerns about rising electricity prices and the burden of taxes have intensified.
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The survey respondents identified inflation, unemployment, and the increase in electricity prices as their top three concerns. Although the perception of economic challenges as the primary issue has decreased since the beginning of 2024, reaching a two-year low, worries about rising electricity prices and taxes have become more acute. The concern over taxes has surged to a four-year high, reflecting the growing financial strain on households.
Majority of Pakistanis Express Concerns About Nation’s Direction
Furthermore, the survey shows that only 13% of Pakistanis believe the country’s economic condition is strong. However, there is a silver lining: confidence in job security has been on the rise since September 2023. By the third quarter of 2024, three out of five Pakistanis expressed confidence in their job security, marking a three-year high. This trend of increasing confidence has been stable since the second quarter of 2024, reaching its peak since November 2021.
This survey underscores the complex and evolving economic landscape in Pakistan, where optimism about job security coexists with deep concerns about broader economic conditions and the cost of living.
