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Beirut,Lebanon 10 October 2016: In a recent survey, the “Middle East Consumer Confidence Index”, half of respondents in the Middle East believe that their country’s economy is worse today compared to six months ago. The survey, conducted by Bayt.com, the Middle East’s number one job site, and YouGov, a leading market research agency, shows that, despite this, almost a third of the respondents (30%) expect their country’s economy to improve in the next six months.
Economic situation: an overview
Overall, only 15% of respondents in the Middle East and North Africa (MENA) believe that their country’s economy has improved compared to 6 months earlier, while a quarter claim that it has remained the same. Half of the respondents (51%) believe their country’s economy has receded. When asked about future expectations, 30% of respondents were optimistic about the economy improving, and a similar number believed the opposite to be true (32%). Nevertheless, 24% of the respondents don’t expect any change in the economy.
In terms of business conditions, 1 in 5 MENA respondents believe that business conditions are presently good (21%). Conversely, 37% believe that conditions are average, while 40% believe that they are bad. Regarding expectations for business conditions in a year’s time, 43% of MENA respondents are optimistic. 24% expect the situation to remain unaltered, while 21% are not confident at all, stating that the business conditions have the potential to get worse.
When it comes to job availability, 41% state that there are few jobs available across few industries, while a quarter of respondents believe there are few jobs available across various industries. About 13% of MENA respondents claim that there are plenty of jobs available but across a few industries only, while a minor 10% state that there are plenty of jobs available across a wide variety of industries.
When it comes to future availability of jobs, a general negative outlook prevails amongst MENA consumers, where 35% of the respondents believe there will be a decrease of jobs available in their country over the next six months, and 30% state that the availability won’t change. However, 21% are still positive about this, stating that job availability will increase.
Personal economic situation
Less than 1 in 5 respondents (17%) believe that their current financial position is better now than it was six months ago, while 37% believe that it has remained the same. On a positive note, almost 4 in 10 (36%) MENA respondents expect their financial situation to improve in the next six months, while 28% say that it will remain the same.
Considering the opinions on the future cost of living, the majority of respondents (75%) expect the cost of living to increase in the next six months. On the other hand, only 4% of them expect it to decrease. When asked about the situation of their current savings compared to last year’s, 14% of MENA respondents claim that their savings have increased, while a quarter claim that savings have remained the same. 57%, however, believe that their savings have decreased in the same period.
Spending and investment
A third of MENA respondents (32%) are planning to buy a vehicle for personal use in the next 12 months. Conversely, 55% are not planning on buying a vehicle at all. Of those who are planning on purchasing a vehicle, 38% are planning to buy a new vehicle, while 37% claim to be looking for a used car.
When it comes to investing in property in the next 12 months, almost a quarter of MENA respondents say that they are planning to purchase property (23%). 60% of respondents, however, are not. Of those who are planning on making a property investment, 49% will be looking to buy new property, while 20% will invest in pre-owned estate. Almost half of MENA respondents are looking to purchase an apartment (48%), while around a quarter will buy a villa/townhouse/bungalow (26%). 22% will invest in commercial property.
Current job perspective
In the MENA region, 23% of employed respondents feel that the number of employees in their companies has increased over the past six months, while 41% believe the opposite to be true. Over the course of the next six months, 27% of employed MENA respondents expect the number of employees in their organization to increase, while 32% expect this number to remain the same. Conversely, 29% say that the number of employees in their company will decrease.
With regards to satisfaction levels, 39% of employed MENA respondents are satisfied with their career growth opportunities, while 40% are dissatisfied. When it comes to compensation, almost a third of MENA respondents (32%) are satisfied, while almost half of them (49%) are dissatisfied with their current compensation levels. The majority of respondents (43%) are satisfied with the non-monetary benefits they receive, and a similar number are satisfied with the level of job security in their current organization (39%).
“Despite the negative feelings that have characterized the past few months, there are sparks of optimism among respondents that economic conditions in their countries will improve in the future,” said Suhail Al-Masri, VP of Employer Solutions, Bayt.com. “In reality, respondents believe that there aren’t sufficient jobs, and this reality proves that competition among job seekers is fierce across the region. This is where Bayt.com comes in the picture. By offering job seekers the most effective tools that can enhance their CV exposure to local and regional employers, we give job seekers the option of receiving customized and one-on-one assistance throughout their job search. Our aim at Bayt.com is to ensure that we are empowering all of the region’s job seekers and employers, which is why our role does not stop at the recruitment solutions. In fact, we regularly provide the region with the latest research and expert advice that are vital for career growth and success.”
Elissavet Vraka, Research Manager, YouGov, said: “It is important for us to conduct thorough research into the regional consumer sentiments. Conducted twice a year with Bayt.com, the Middle East Consumer Confidence Index survey is a powerful tool that gives insight into the thoughts and opinions about personal, business, and economic conditions of those living in the MENA region.”
Data for the “Middle East Consumer Confidence Index survey” was collected online from August 3 to 31 2016, with 2,893 respondents living in the UAE, Saudi Arabia, Qatar, Oman, Kuwait, Bahrain, Syria, Jordan, Lebanon, Egypt, Morocco, Tunisia, and Algeria. Males and females aged 18 years old and above, of all nationalities, were included in the survey.