The latest Bayt.com Middle East and North Africa Consumer Confidence Index survey, conducted by Bayt.com, the Middle East’s number one job site, and YouGov, a leading market research agency, shows that while44% of KSA respondents say that their savings have decreased in comparison to last year, the majority of residents have a positive outlook on the future of the country’s economy, as well as their own financial future.
Country’s Economic Situation
Almost a third of KSA respondents believe that the country’s economy has improved in the last six months, while14% believe that it has receded.36% of respondents believe that the economy has remained the same. Additionally,46% of respondents expect the economy to improve in the next six months, while27% expect it to remain the same.
About half of employed respondents in the KSA believe that business conditions are either good or very good (49%), while15% believe that business conditions are either bad or very bad. Moreover, the majority of employed respondents (59%) believe that business conditions will improve in a year’s time.
Personal Economic Situation
27% of KSA respondents believe that their or their family’s current financial situation is better now than it was six months ago, and41% believe that it remained the same.22% believe that their financial situation is worse. The future outlook is positive too:49% of respondents believe that their personal financial situation will improve in the next six months, while28% believe that it will remain the same. When it comes to cost of living,67% of respondents expect it to increase, while22% expect it to remain the same.
44% of KSA respondents say that their savings have decreased in comparison to last year. About one in5 respondents (21%) claim that their savings have increased, while29% claim that they have remained the same.
Consumer Spending
46% of those surveyed in KSA are planning to invest in a motor vehicle in the next12 months. Of those,48% are planning to buy a new vehicle, while29% are planning to buy a used one.43% of KSA respondents are not planning on purchasing a vehicle.
When it comes to investing in property,28% of KSA respondents are planning to invest in the next12 months, while more than half have no plans to invest. Of those who are planning to buy property,40% will invest in an apartment, while43% plan to buy a villa/townhouse/bungalow and19% will purchase commercial property. Majority (54%) of respondents who are planning to invest in property in KSA plan to buy new property in the next12 months, while17% will invest in pre-owned property.
Regarding consumer goods,27% of KSA residents plan to purchase furniture, while22% will invest in a tablet or smartphone in the next six months. More than one in5 respondents from KSA are planning to buy a desktop or laptop over the same time period. An air conditioner (17%), LCD or Plasma television (16%), washing machine (13%) and refrigerator (13%), are also among the respondents’ list of priorities.
Current Job Perspective
Presently, almost half of respondents (49%) surveyed believe that there are plenty of jobs available in the KSA; with25% claiming availability across multiple industries and24% claiming availability across a limited number of industries.35% believe that there are few jobs available in KSA. In regards to future availability of jobs,32% of KSA respondents expect job availability to increase in the next six months.
In KSA,39% of employed respondents feel that the number of employees in their companies over the past six months has increased, while26% believe the opposite to be true. Over the course of the next six months,42% of employed KSA respondents expect the number of employees in their organisation to increase.
With regards to satisfaction levels, close to half of employed KSA respondents (49%) are satisfied with career growth opportunities.38% are satisfied with their current compensation while43% are dissatisfied with their current salary and allowances. When it comes to non-monetary benefits56% of employed KSA respondents are satisfied, while30% feel the opposite.46% of employed respondents in the KSA feel secure in their jobs.
“When looking at the region in its entirety, the outlook is a positive one,” said Suhail Al-Masri, VP of Sales, Bayt.com. “When it comes to jobs, the outlook is positive as well. Now is a good time for professionals to focus on job search strategies, and brand themselves online. A great way to do this is through our Bayt.com Public Profile, where jobseekers can create a profile solely for themselves and increase their visibility on popular search engines. At Bayt.com, we always endeavour to empower the region’s job seekers and employers by providing them with the latest technology and vital statistics relating to recruitment.”
Elissavet Vraka, Research Manager, YouGov, said: “Gauging consumer opinion is a powerful tool for revealing the current attitudes and sentiments about the business and economic conditions in a specific country. With the majority of people anticipating an increase in living costs and having experienced a decrease in savings, it may be time to take an evaluative look at the stability of personal financial situations.”
Data for the Bayt.com Consumer Confidence Index survey was collected online from July27 to August22015, with8,882 respondents from the UAE, KSA, Qatar, Oman, Kuwait, Bahrain, Syria, Jordan, Lebanon, Egypt, Morocco, Tunisia and Algeria. Males and females aged over18 years old, of all nationalities, were included in the survey.