Casablanca- In a study conducted by the website bayt.com in collaboration with YouGov, an international internet-based market research firm founded in the UK, about consumers’ confidence index in North Africa and the Middle East revealed that the residents of this region should expect a steep rise in living standards in the next six months.
The Consumer Confidence Index is an indicator designed to measure the degree of optimism of consumers with the state of the economy, which is usually indicated via their savings and spending patterns.
The survey showed that 67% of consumers in Morocco expect living costs to increase whereas only 7% predicted a decrease in living standards, as reported by the Moroccan daily Al Massae.
The survey revealed that 28% of Moroccan consumers revealed that their financial situation is experiencing a steady deterioration, whereas 44% asserted that their financial situation has not significantly changed. Additionally, 11% of Moroccan consumers consider their financial situation to have improved compared to the past six months.
Regarding the expectations for the next six months, the study revealed that 44% of Moroccans are optimistic about their financial situation whereas 25% foresee no change for the six months to come. Only7% are pessimistic about the prospects of their financial situation.
Resulting from the economic crisis, the number of households able to make savings decreased considerably. Indeed, 48% households revealed that their savings decreased compared to last year, whereas 25% did not notice any change in their saving ability. Only 18% of the interviewees noted that their savings increased compared to last year.
Concerning spending habits, 55% do not consider buying a new car in the 12 months to come while only 27% intend to purchase a new car next year. In addition, the trajectory for investment in real estate is not promising; 58% consumers said that they do not intend to purchase real estate in the 12 coming months. Among those who intend to acquire it, 54% intend to purchase a new house rather than a flat.
Computers and laptops have also become a regular expense in the spending patterns of Moroccan consumers. Indeed, 34% intend to buy a PC or a laptop in the six coming months.
The study revealed also that consumers from the MENA region consider that their countries went through an economic downturn in the past six months. The numbers reflect that 84% of Syrians, 66% of Jordanians, 65% of Lebanese and 63% Tunisians think that their respective countries are going through a recession.
Moroccan consumers, however, are more optimistic--only 20% believe that the national economy slumbered in the past six months, while 24% do not think that the economic situation has changed.