Egypt's current account gap narrows, but overall BoP records deficit    Egypt's PM reviews debt reduction strategy, eyes more private investment    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt, India discuss expanding industrial, investment partnerships    World Bank proposes Egypt join new global health initiative    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Egyptian pound ticks down in early Tuesday trading    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt, Somalia discuss closer environmental cooperation    Egypt exports 175K tons of food in one week    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    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    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    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.



Egypt peaks on Nielsen's Consumer Confidence Index
Published in Daily News Egypt on 26 - 05 - 2011

CAIRO: Egypt rose to its highest level on the Consumer Confidence Index at 102 points during the first quarter of 2011, according to a study released by The Nielsen Company.
The country also saw the highest increase among all markets tracked in the first quarter, going up 29 points.
Confidence rose from 73 points on the index in the fourth quarter of 2010, which was a drop from 98 in the prior quarter, with 60 percent of Egyptians expecting short-term recovery for the market.
Despite the current economic stagnation as well as global concerns over rising food and fuel prices, Egyptians are among the most optimistic about recovery in the Middle East.
The report points out that Egyptians are very mindful of the current economic stagnation, and more people are beginning to feel the pinch. Still, many consumers are optimistic.
According to the global online survey, “consumer confidence rose two points in the first quarter of this year to an index of 92 driven by record confidence gains in the Middle East/Africa following social and political unrest in the region and strong-performing Asia Pacific economies.”
Consumer confidence levels in Europe, however, continued to decline in 18 out of 28 countries including Spain, Greece, Ireland and Italy reaching record lows for this quarter.
Many in Egypt said they have no spare cash, but when they do, the top two priorities are savings and buying new clothes.
“Major issues have become the major concern for Egyptians with political stability and the economy leading,” the study found.
“Also important is that crime, terrorism and war; normally near the bottom of concerns are very high up n Egypt again indicating the large-scale concerns of the Egyptians.”
The study, which tracked major concerns and spending intentions among more than 28,000 internet consumers in 51 different countries, found that despite a global concern for rising food and fuel prices, Egyptians are among the most optimistic about recovery in the Middle East.
After Egypt's January 25 revolution forced Hosni Mubarak out of power, and called for the prosecution of allegedly corrupt government and business tycoons closely associated with the regime, Egyptians' outlook towards change has become irrepressible.
Experts say that the country's push for democracy and equality, along with the constitutional referendum that took place on March 19 has given people a new sense of optimism
“The joy of gaining civil and political freedom and experiencing the first truly free voting has raised consumers' expectations and hopes for faster economic growth,” Khaled El Tohami, managing director of Nielsen Egypt said in a statement.
However, Egyptians are not the only online consumers who are currently changing their perception towards the economy.
The nation's “newfound confidence” swept across to next-door countries like the United Arab Emirates which saw an 11 point increase and Saudi Arabia with an 11 point increase compared numbers in the previous quarter.
As the world's economies diverge, the study showed that the number of online consumers who feel they are in a recession has dwindled across other regions as well.
“Global recovery, despite its slow pace, is heading in the right direction,” said Venkatesh Bala, chief economist at The Cambridge Group, a part of The Nielsen Company. “Still, more than half (55 percent) of global online consumers say they are currently in a recession, and of those, 51 percent expect to be in a recession for at least another year.”
When it comes to China, the world's largest economy, the study found that consumer confidence increased by eight points to an index of 108.
“The good news is that income is rising faster than inflation, particularly in rural areas, and living standards continue to improve,” said Karthik Rao, managing director of Nielsen China. “As a result, we continue to see strong growth in marketplace demand, even in discretionary categories.”
The study also found that regional differences prevail with 37 percent of Asia Pacific consumers saying they are in a recession today compared with 82 percent of North Americans and 68 percent of Europeans.
“It's been an action-packed start to the year marked by widespread social and political reforms in the Middle East, natural disasters and food inflation in Asia, skyrocketing fuel prices in North American and the searing reality of painful austerity measures in southern Europe,” said Bala.


Clic here to read the story from its source.