"Narrative Summit" Releases 2025 Recommendations to Cement Egypt's Position as a Global Tourism Destination    Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egyptian consumer confidence jumps in Q1 2010, finds survey
Published in Daily News Egypt on 08 - 06 - 2010

CAIRO: Egypt scored the highest rate of increase worldwide in the level of consumer confidence for the first quarter of 2010.
Consumer confidence rose 24 points to reach 95, compared to a global average of 92 points, according to the Nielsen Global Consumer Confidence Index, which was released June 7.
Hany Mwafy, managing director North Africa of the Nielsen Company, a global information and measurement company, said, “The Egyptian economy demonstrated remarkable resilience during the global economic downturn, with GDP growth reaching 4.9 percent in early 2010, despite its reliance on global trade and the tourism industry —areas most affected by the global recession.”
According to Basel Adel, retail solutions manager North Africa of Nielsen, Egyptians came out third in the Middle East region for consumers' ability to save earnings.
He indicated that this translates into Egyptians buying more durable goods, such as electronics as well as spending more of their disposable income on leisure and travel.
This outcome is in spite of Egyptians feeling the pressure of the recession, the results of the survey indicated, but they also see economic recovery in sight.
Topping Egyptian consumers' concerns was the balance between work and their private lives, followed by the overall state of the economy, job prospects and job security, their health and last, the political situation of their country.
Asked what services or products they would first forgo if the economy were to slowdown, Egyptians listed fast food followed by leisure and entertainment, then travel and clothing.
Globally, the consumer confidence is on the upswing, the survey concluded.
Compared to six months ago, consumer confidence has rise six points, “and only two points short of the 94 point index mark in quarter three of 2007, just prior to the decline into the world recession,” a Nielsen statement read.
In a similar vein, “consumer confidence rose in 41 of the 55 countries surveyed,” according to Nielsen.
Highest on the scale was India and Indonesia, with 127 and 116 points respectively, while lowest was Lithuania, with just 46 points. Due to its recent financial turmoil, Greece recorded the steepest decline, 15 points, placing it with 57 points overall.
To Hany Mwafy, “Quarter one of this year presented the first global show of force towards economic recovery. For the first time in two years…consumer data provides evidence that economic prospects are improving.”
The number of consumers worldwide that believe that the economy is still in a recession fell 19 points to 58 percent, compared to 77 percent a year ago.
The report indicated that consumer confidence has risen largely due to perceived confidence in employment, which has also steadily increased over the past six months.
Forty-three percent of global consumers described their job prospects as either good or excellent compared to 35 percent just six months before, the survey revealed.
In contrast to the optimism espoused by the survey, pessimism reigned in Western Europe and the United States.
Nielsen's statement said that the US is “likely to see a period of slow demand growth in conjunction with a largely jobless recovery…and in the case of Europe, added uncertainty from the ongoing sovereign-debt crisis” will protract any economic recovery.
The Nielsen Global Consumer Confidence Index is conducted on a bi-annual basis, tracking consumer confidence in the job market, status of their personal finances and spending intentions among more than 27,000 internet users in 55 countries.
This latest index was conducted between March 8 and March 26, 2010.


Clic here to read the story from its source.