LAHORE: Gallup Pakistan has signed a memorandum of understanding (MoU) with Dun and Bradstreet (D&B) Pakistan to create a publicly available Consumer Confidence Index (CCI), to be released every quarter staring Jan-Mar 2020.
The MoU was signed by Bilal Ijaz Gilani, Executive Director Gallup Pakistan, and Nauman Lakhani, Country Manager D&B Pakistan. Both Gallup and D&B have said the aim of the project is to develop an index of Pakistani consumers’ economic expectations and preferences, open for the public.
The CCI of a country is an important economic indicator that measures consumer confidence, and is defined as the degree of optimism on the state of the economy that consumers are expressing through their activities of savings and spending. The index is calculated each month on the basis of a household survey of consumers’ opinions on current conditions and future expectations of the economy. While no indication has been given for what the initial sample size will be of this CCI or when it is expected to be launched, but it could prove to be a leading economic indicator for stakeholders across the board.
“Consumer Confidence Index is considered a crucial barometer of present and future economic situation in any country. Pakistan is poised to be a growth leader in South Asia and MENA with its youthful population and ever-rising improved standing in Ease of Doing Business and other indices,” said Bilal Gilani, Executive Director of Gallup Pakistan. “Bringing CCI to Pakistan to us is, in this context, an important milestone in assisting Pakistan’s growth phase.”
He went on to say that Gallup Pakistan was best poised to help make this CCI a reality, and would use their expertise in public opinion and data collection, using very basic research methodology that will be used for collecting consumer opinions.
Dun & Bradstreet, with a global presence for over 178 years, is one of the world’s leading sources of business information and insights. D&B has only recently started operations in Pakistan, and the company is confident that their understanding of data dynamics will be crucial for the development of the index and for reporting findings.
“We are proud to partner with Gallup to publish the Consumer Confidence Index in Pakistan. This relationship is a natural synergy between the two global powerhouses and we look forward to working together on other such important matters in the coming years,” said Nauman Lakhani, Country Manager D&B Pakistan.
“The index is an important indicator globally, and will be paramount in gauging consumer confidence in Pakistan. Additionally, we aim for the CCI to become a leading indicator of economic performance, based in consumer spending patterns with the premise that higher consumer confidence leads to more economic activity and stronger economic growth,” he ended.