Consumer confidence in Kingdom's economy rises in Q2 2024

AMMAN — IPSOS Jordanian Consumer Sentiment Index (JCSI) for Q2 2024 showed a 1.3-point increase in consumer confidence in the Kingdom's economy compared with the first quarter of the year.

IPSOS is one of the largest market research companies operating in 90 markets with more than 20000. 

According to IPSOS website, JCSI is a quarterly national survey that assesses consumers' attitudes toward the current and future state of the local economy, personal financial situations, savings, and confidence in making large investments.

The recent rise in the index is attributed to an increase in citizens’ confidence in both the future state of Jordan’s economy and its current outlook, IPSOS added.

The survey also noted that "high living costs and inflation remain a top concern for Jordanians, with unemployment topping the list as the most pressing issue this quarter."

Economist Waseem said that the labour market's stability and improving investment opportunities are helping to stimulate the economy, even amid regional challenges. "Jordanians are somewhat optimistic. Despite shifts in purchasing power and spending patterns, they believe the government is on the right path toward economic development and recovery," Hussein said.

Economist Zain Ziad highlighted the importance of understanding critical economic challenges to realise the goals set out in Jordan's Economic Modernisation Vision. 

"When reflecting on future economic trends and business conditions, the majority of consumers believe that the country is likely to achieve a stronger and more stable economy," Ziad added.

Similarly, Zain Ziad, an economist, told The Jordan Times that “when reflecting consumers’ perceptions of future economic trends and business conditions, a majority believes that with the Economic Modernisation Vision the country is likely to have a stronger and more stable economy.” 

However, she underlined the need to navigate and properly understand the most critical economic challenges and issues, in order to achieve the vision’s objectives.