How do people feel about their personal financial conditions? Are they happy with their salaries? Can they save and invest more money this year? What about the economy for their countries in general? Are there more jobs and career opportunities available this year? Are prices going to increase or stay the same? What about salary changes?
The Middle East Consumer Confidence Index Survey by Bayt.com gives many insights into the personal, business, and economic conditions of the region. The survey findings are invaluable for making many financial and professional decisions. For example, the majority of respondents in the Middle East are anticipating an increase in the cost of living and perhaps that means that they will need to re-evaluate the stability of their personal finances and plan their income sources accordingly.
What if you live in the UAE? What specifically should you expect during the year ahead? Here's an analysis of the economy and job conditions in the UAE.
1. The UAE economy
More than six in 10 respondents from the UAE believe that their 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. The UAE is performing above regional average in this regard and optimism is running high for the future.
What about business conditions you ask? Well, more than four in 10 UAE respondents believe that the business conditions are currently either “good” or “very good” and 37% believe that the conditions are “average.” But looking at the future, UAE respondents are very optimistic about where their business is heading. 72% of respondents believe that they will “improve.” 15% expect business conditions to “remain the same” and only 6% said that they could get worse.
Do you want to know all about job? 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.
2. Personal finances
More than two-thirds of UAE respondents believe that their current financial position is now “better” or the “same as six months ago,” which is also higher than the regional average. 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.”
3. Current job conditions
In the UAE, one third of employed respondents reported that the number of employees in their companies has increased over the past six months. That’s a good thing! But even better, the majority of those who were surveyed expect the number of employees in their organization to increase over the next six months. Exciting news to all of you, job seekers! You can start applying right now if you want.
With regards to satisfaction levels, over half (51%) of UAE respondents are satisfied with their career growth opportunities. When it comes to compensation, only 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.
4. Spending and investment
What are UAE residents planning to purchase?
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.
We asked about property too…
29% of UAE respondents say that they are planning to purchase property in the next 12 months. 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.
We even asked about 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 in the next six months.
Looking for more UAE insights? Find out more in this report.
By Mohannad Aljawamis
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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