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HCP household survey Q2 2024: Key findings

The High Commission for Planning (HCP) has released key insights from its ongoing household survey for the second quarter (Q2) of 2024. Here are the main points:

  • Household confidence index (HCI): The HCI reached 46.1 points, up from 45.3 points in the previous quarter and 45.4 points in Q2 2023.
  • Perception of living standards:
    • Degradation: 82.6% of households reported a decline in living standards over the past 12 months.
    • Stability: 13% noted no change.
    • Improvement: 4.4% observed an improvement.
  • Future expectations:
    • Degradation: 55.1% of households expect a further decline in living standards in the next 12 months.
    • Stability: 35.9% foresee no change.
    • Improvement: 9% anticipate an improvement.
  • Unemployment outlook:
    • 82.8% predict a rise in unemployment over the next year.
    • 6.6% expect it to remain unchanged.
  • Purchasing sentiment:
    • 78.9% believe it is not a good time to buy durable goods.
    • 9.5% think otherwise.
  • Financial management:
    • 55.8% report their income covers their expenses.
    • 42.1% are resorting to debt or savings.
    • 2.1% manage to save a part of their income.
  • Financial situation:
    • 56.5% feel their financial situation has worsened in the past year.
    • 3.3% see an improvement.
    • 16.7% are optimistic about their financial future.
  • Savings outlook:
    • 9.8% expect to save money in the next 12 months.
    • 90.2% do not expect to save.
  • Food prices:
    • 96.4% noted an increase in food prices over the past year.
    • 82.1% anticipate further price hikes.
    • 3% expect prices to decrease.
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