Consumer Confidence Survey underway

March 5, 2014 1:24 pm

The National Centre for Statistics and Information (NCSI) is continuing a public survey to gauge consumer confidence, and has met with a great success and cooperation from the citizens. The survey canvasses public opinion of the citizens, together with their future expectations on the financial and economic outlook. The survey will continue to March 11, and the results are expected to be revealed in one week after the survey is completed.

The Consumer Confidence Survey is a part of NCSI’s commitment to use latest scientific research methodologies to provide reliable statistical data, indicators and publications for the public, and to update the concerned authorities and decision makers with the latest statistics and information.

This survey provides indicators of consumers’ confidence in the economy, and can be used within a global framework to summarize trends of projected economic growth in the short term. Therefore, taking the right decision based on the results. The NCSI urges the citizens to cooperate with NCSI representatives by providing accurate data to enhance the quality of the results.

The Consumer Confidence Index, which will be compiled based on the survey results, will serve as a baseline indicator for consumers’ spending decisions, which are built on their expectations of the economic outlook. When more money is spent on certain products or services, it increases consumer demand such products and services, which subsequently increases the size of production to meet the demand, leading to a local uplift in the economy.

On the other hand, the decline in the general spending trend by consumers leads to a possible economic downturn. As such, the consumer confidence index will provide an invaluable resource of information to gauge public sentiment, and will help chart the future vision and direction of the national economy.