'High cost of living' main concern for Jordanians: Ipsos

Jordan

Published: 2023-01-16 16:53

Last Updated: 2023-02-07 07:44


'High cost of living' main concern for Jordanians: Ipsos
'High cost of living' main concern for Jordanians: Ipsos

Ipsos released its quarterly Jordan Consumer Sentiment Index (JCSI) Monday, which is a “national survey of consumer attitudes on the current and future state of the local economy, personal financial situation, as well as confidence to make large investments and ability to save.”

According to the multinational market research and consulting firm, “Consumer sentiment is a key predictor of purchase trends in the market.”

According to their findings, the higher the consumer sentiment is, the more purchases they make, which will cause the economy to expand.

This index is to be a great tool for business owners and decision makers to monitor changes and base their decisions on, Ipsos noted.

According to their latest report, the results are driven by the accumulation of four sub-Indices:

  • JCSI Current Personal Financial Conditions
  • JCSI Economic Expectations
  • JCSI Investment Climate
  • JCSI Employment Confidence

Some of the report’s highlights:

When asked to “Rate the current state of the economy in your local area using a scale from 1 to 7, where 7 means a very strong economy today and 1 means a very weak economy.” Twenty-eight percent described it as strong, 14 percent as neither strong nor weak and 59 percent weak.

When asked to “Rate your current financial situation, using a scale from 1 to 7, where 7 means your personal financial situation is very strong today and 1 means it is very weak.” Twenty percent said strong, 15 percent said neither strong nor weak and 65 percent said weak.

As for the “Top 3 Concerns For Jordanians:”

  • High Cost of Living/Inflation - 59 percent
  • Unemployment - 54 percent
  • Poverty & Social Inequality - 42 percent

When asked "Compared to 6 months ago, are you now more or less confident about job security for yourself, your family, and other people you know personally," only 28 percent felt more confident. 

When asked, "Compared to 6 months ago, are you now more or less comfortable making a purchase, like a home or a car," 86 percent said they are less comfortable.

When asked, "Compared to 6 months ago, are you NOW more or less comfortable about your ability to invest in the future, including your ability to save money for your retirement and your children’s education," only 24 percent were more confident.

Notably, the Index mentioned that they conducted market research with Computer Assisted Telephone Interviews (CATI).

Their team interviewed 1,000 respondents, all of which were 18 years or older.

The JCSI Index is calculated by utilizing data from the survey results, the report noted.


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