Not all doom and gloom: Consumer confidence survey brings hope for 2016
Respondents fron Oman, Saudi Arabia and the UAE register the highest levels of career growth satisfaction in MENA. (Shutterstock)
Twice a year, Bayt.com conducts a survey with thousands of respondents from across the Middle East and North Africa (MENA) region to measure their quality of life and gauge their feelings about their country’s economy, their personal financial situation, and ability to save and purchase.
The data we get from this survey helps us understand views when it comes to the business conditions and cost of living in each country, and the job market in general. From the Bayt.com Consumer Confidence Index survey we know that, for example, approximately a fifth (18%) believe that their financial condition is better now than it was 6 months ago. We also know that while 16% believe their country’s economy has improved in the past 6 months, 1 in 2 respondents think it has gotten worse.
Although the majority of MENA countries are suffering from the economic and political consequences of war and declining oil prices and public spending, going through the results of the Bayt.com Consumer Confidence Index survey, March 2016, shows that things might actually be getting better.
Based on data gathered from the Bayt.com Consumer Confidence Index survey, here are 5 findings to give you hope and optimism for the coming period:
1. One fifth of respondents believe their financial situation is better than last year
Overall, 4 in 10 respondents expect their personal financial condition to improve in the next six months. Naturally, this belief is higher among the better-off residents of the GCC region, as 44% of them share this belief. Things may seem a bit shakier in the Levant and North Africa, however, with one third of Levantines expecting things to get better and 36% of North Africans who share this sentiment.
2. One third of respondents are planning on buying a car in 2016
Even though more than half of the survey respondents (56%) claim that their savings have decreased in comparison with last year, almost a third (32%) have shared their plan on buying a car, with 39% planning to buy a new vehicle rather than a used one.
3. Business conditions are becoming better
Good news for those who believe the economy is dead! It is not. In fact, 44% of respondents in the survey believe that the business conditions in their country will get better in the next six months. This belief is exceptionally high among the GCC residents, as 51% of them feel the overall business conditions in their country are getting better.
4. Looking for a job? Here’s your chance to land one in 2016!
Generally, 36% of respondents surveyed by Bayt.com said they were positive about the availability of jobs in their country in the next few months. This percentage was considerably higher in the Levant area (47%) in comparison with the GCC and North Africa regions (34% and 36%, respectively). So if you’re looking for jobs in Jordan or jobs in Lebanon, now is your chance to brush up on that CV and perfect your interviewing skills because you might get that call from an employer very soon!
5. There is always room for growth
42% of the survey respondents say they are satisfied with their career growth opportunities. 43% are satisfied with the non-monetary benefits they receive, and 40% are feeling secure in their jobs. Some countries are performing better than others when it comes to the salaries offered, so if a higher salary is on top of your priorities for 2016, then you better head to Oman, Saudi Arabia or the UAE, where 41%, 39% and 37% of respondents are satisfied with their current pay, respectively (the highest satisfaction levels across the MENA region!).
By Sara Hammoun
This article originally appeared in Bayt.com. This article and all other intellectual property on Bayt.com is the property of Bayt.com. Reproduction of this article in any form is only permissible with written permission from Bayt.com.
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