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Financial decision-maker sentiment: Saudi Arabia

An ongoing look at how the attitudes of financial decision makers in Saudi Arabia are evolving during the COVID-19 pandemic.

The majority of financial decision makers in Saudi Arabia view the current economy as neutral or strong and expect it to remain the same or improve over the next three months. The majority of consumers have seen household income and savings decrease over the past month and express concern over job security. Many expect to increase usage of online and mobile banking after the crisis and sentiment towards bank performance is net positive, with 30 percent feeling banks are exceeding their expectations. Contactless payments usage has increased almost 20 percent while cash usage is down almost 25 percent. Overall, consumers are optimistic about future economic conditions with 62 percent believing the economy will rebound within 2-3 months.

About the author(s)

John Euart is an associate in McKinsey’s New York office, Georgi Konov is a partner in the Dubai office, and Brittany Lewis is a specialist in the New Jersey office.

The authors would like to thank Harshit Gupta and Aditya Singh for their contributions to this article.

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