Bayt.com Survey Reveals the Latest Economic and Financial Conditions in the Middle East
Dubai, UAE, 13 March 2017: The latest results from the Middle East Consumer Confidence Index survey carried out by Bayt.com, the Middle East’s number one job site, and YouGov, research and consulting organisation, indicates that nearly three quarters of UAE respondents expect the business conditions in their country to “improve” within the next year. Furthermore, the bigger proportion of UAE respondents (58%) expect their country’s economy to “improve” within the next six months.
National Economic Conditions
61% of respondents the UAE believe that the country’s economy has either “improved” or “remained at the same level” during the past six months. When asked about future expectations, 58% of UAE respondents said that they are optimistic about the economy improving, compared to only 9% who believe the opposite. 16% of respondents expect the economy to “remain the same.”
When it comes to current business conditions, more than four in 10 UAE respondents believe that the business conditions are either “good” or “very good” and 37% believe that the conditions are “average.” UAE respondents are very optimistic about business conditions within the next year, where 72% believe that they will “improve.” 15% expect business conditions to “remain the same” and only 6% said that they could get worse.
Looking at future availability of jobs in the UAE, there is a general positive outlook amongst UAE residents, where 40% of respondents believe the number of jobs available will “increase” over the next six months.
Personal Economic Conditions
67% of UAE respondents believe that their current financial position is now “better” or the “same as six months ago.” When it comes to future expectations, more than half (56%) of UAE respondents expect that their financial situation will “improve” in the next six months, and 22% believe that it will “remain the same as it is now.” Only 9% of respondents expect it to become worse.
Looking at UAE residents’ opinions on the cost of living, a considerable proportion of respondents (61%) expect the cost of living to “increase” in the next six months, compared to 20% who believe that it will “remain the same” and 10% who believe that it will “decrease.”
Current Job Perspective
In the UAE, one third of employed respondents reported that the number of employees in their companies has increased over the past six months. The majority of those who were surveyed (47%) expect the number of employees in their organization to increase over the next six months.
With regards to satisfaction levels, over half (51%) of UAE respondents are satisfied with their career growth opportunities. When it comes to compensation, more than a third of UAE respondents (36%) are satisfied. Half of respondents (50%) in the UAE are satisfied with the non-monetary benefits they receive, and 52% are satisfied with the level of job security that they have in their current organization.
“As the leading job site in the Middle East, we find it vital to provide all professionals with insights on the economic and financial conditions and how they connect to the job market and availability of career opportunities,” said Suhail Masri, Vice President of Employer Solutions, Bayt.com. “We want to always empower professionals, job seekers and employers alike, to address and overcome any economic changes and make room for improvements in their careers. Employers who are invested in attracting, hiring, and retaining quality talent, who help them maximize productivity, will find our tools, such as CV Search and Job Postings, to be exactly what they need. Similarly, job seekers who stand in face of tough competition will make use of over 10,000 jobs that are available on Bayt.com on any given day as well as the numerous job search tools and resources that help make them stronger candidates.”
Spending and Investment
When it comes to future spending and investment plans, 40% of UAE respondents claim that they are planning to buy a vehicle for personal use in the next 12 months. Of those who are planning to purchase a vehicle, 56% are planning to buy a new one, while 38% are planning to buy a used one.
Respondents were asked about their plans to invest in property, 29% of UAE respondents say that they are planning to purchase property in the next 12 months. Of those who are planning on making a property investment, 56% will be looking to buy a new property, while 32% plan to invest in a pre-owned property. In terms of the type of property, half of UAE respondents are planning to purchase an apartment (50%), while 30% will buy a villa/townhouse/bungalow and 22% plan to invest in commercial property.
Regarding purchasing plans for consumer goods, 25% of UAE residents plan to purchase a desktop or a laptop in the next six months, and 21% of respondents are planning to buy a tablet or a smartphone. One in five respondents (20%) from the UAE plan to buy furniture.
Elissavet Vraka, Research Manager, YouGov, said: “It is important for us to regularly conduct thorough research regarding consumer sentiments and opinions and share that information with the region. The Middle East Consumer Confidence Index survey gives us many insights into the personal, business and economic conditions of the region. For instance, the majority of respondents are anticipating an increase in the cost of living and perhaps that signals a need to re-evaluate the stability of personal finances and plan income sources accordingly.”
Data for the Bayt.com Middle East Consumer Confidence Index survey was collected online from January 10 to January 31, 2017, with 2750 respondents from the UAE, KSA, Qatar, Oman, Kuwait, Bahrain, Syria, Jordan, Lebanon, Egypt, Morocco, Tunisia and Algeria. Males and females aged over 18 years old, of all nationalities, were included in the survey.