Consumer confidence during the third quarter (Q3) of 2014, increasing by four points compared to the last quarter, the Consumer Confidence Index by global survey Nielsen revealed.
The increased confidence, which saw a surge to an index of 85, reflected on “local job prospects” over the coming year, the “state of personal finances” and “investment in purchases”.
Nielsen’s Managing Director in North Africa and Levant, Tamer Al-Araby, said: “It is refreshing not only to find confidence boosting up, but also seeing a change in the order of main concerns.”
“For the first time this year, terrorism does not top of the list of major concerns, which I believe is allowing people to look forward to a brighter future, as well as participate in affecting a change in their living conditions,” Al-Araby added.
Al-Araby emphasised that the study indicates Egyptian consumers are cautiously optimistic, preferring to keep their spare money saved.
The report stated that “the percentage of respondents stating that they would invest their spare cash into savings has gone up two points from last quarter”.
According to the Information and Decision Support Centre’s (IDSC) August Bulletin, the Egyptian consumer’s confidence in the economic performance increased by 13% compare to the previous month.
The governmental report indicated that the income of the Egyptian household also climbed from 59.9 points in July, to 76.6 in August, while the confidence in economic policies increased by 19.2% month-on-month.
The IDSC report attributed the confidence increase to the growing investments, the announcements of new projects such as the Suez Canal Development Project and the improvement in the security situation.