By Loubna Flah
By Loubna Flah
Morocco World News
Casablanca, September 4, 2012
The Consumers Confidence Index Census conducted last August on Moroccan consumers revealed that 65% of the sample selected asserted that the their salary does not match inflating prices, while 17% considered that the recent pay rise is congruent with living costs. On the other hand, 5% confirmed that the recent pay rise has been largely sufficient to cover daily expenses.
The Consumer Confidence Index ( CCI) measures the degree of optimism displayed by consumers mirrored in their transactions, including spending and saving habits. The CCI can also be used to appraise the economic trends in a country.
According to the daily Al Massae, the poll conducted by “bayt.com”, the largest employment website in the Arab world , reveals that 38% of Moroccans have great expectations in the aftermath of economic reforms for the coming year, while 16% foresee dire prospects as far as the economic situation is concerned. On the other hadn,18% consider that the Moroccan economy will stagnate this year.
In the consumer confidence index report for North Africa and the Middle East, 31% of the interviewees reported a deterioration of their financial situation, while only 22% perceived an improvement of their living standards.
Consumers have mitigated attitudes towards job market prospects. While 25% of the sample population asserted that job opportunities will shrink in the future, the same number of interviewees expressed hopes for better job prospects and 27% did not anticipate any palpable change in the job market. The report singled out Morocco among the countries that witnessed a sharp drop in employability along with Lebanon, Jordan, and Bahrain.
Consumer confidence and sentiment survey give a reliable records on how people are doing financially, how they look at the overall economy or business conditions in the country.
The survey disclosed more facts about consumers’ intentions as far as financial planning is concerned. Half of the interviewed population confessed they have no intention to buy a car, while 26% expressed the desire to purchase one. A large part of the latter category wishes to buy a used car in the next 12 months.
When asked about their financial situation, 31% noticed a tangible deterioration, while 22% felt that their financial capacity has slightly improved and 38% did not notice any change in their financial stability.
Moroccan consumers remain, however, optimistic about their financial situation. 47% have positive feelings concerning the coming year, while only 5% anticipate an economic recession.
Consumer beliefs and habits have a considerable impact on economy. The study of consumer behavior is a focal point for advertisers and producers alike. A slight shift in consumers’ mindset can alter the law of supply and demand and have far reaching consequences on economy.
Consumers are also highly sensitive to political rhetoric and promises for prosperity. But at the end, only the battle between income and prices can tell the real truth about the efficiency of economic reforms and can prove if consumers’ optimism is a real fact or a mere illusion.
