48% of UAE respondents have a very positive outlook on the future of the UAE economy, according to the most recent Bayt.com Middle East and North Africa Consumer Confidence Index survey, which was conducted by Bayt.com, the Middle East’s number one job site, and YouGov, a leading market research agency.
Country’s Economic Situation
Just over a quarter of UAE respondents believe that the country’s economy has improved in the last six months (26%), while almost a third (32%) believe that it has receded. However, close to half of the respondents (48%) expect the economy to improve in the next six months, vastly outnumbering the smaller group of only one in five who expect it to get worse.
In the UAE,31% of employed respondents believe that business conditions are either ‘good’ or ‘very good’; however,30% believe that business conditions are ‘bad’. However, respondents are largely optimistic about the future, with60% of them expecting business conditions to ‘get better’ in a year’s time.
Personal Economic Situation
According to40% of UAE respondents, their personal financial situation is the ‘same as it was six months ago’ (25% say it is ‘better than it was six months ago’, while27% claim that it is ‘worse’). The outlook for the next few months is positive though:51% of respondents believe that their personal financial situation will ‘improve’ in the next six months. When it comes to cost of living in the next six months,58% of respondents expect it to increase, while23% expect the cost of living to remain the same.
Almost half of UAE respondents say that their savings have ‘decreased’ when compared to last year. On the other hand,18% (i.e. fewer than one in five respondents) claim that their savings have ‘increased’ this year, while29% say that their savings have ‘remained the same’.
Consumer Spending in the UAE
36% of those surveyed in the UAE are planning to invest in a motor vehicle in the next12 months. Of those,41% are planning to buy a new vehicle, while38% are planning to buy a used one.51% of UAE respondents are not planning on purchasing a vehicle this year.
When it comes to investing in property,26% of UAE respondents are planning to invest in the next12 months. Of those who are planning to buy property,49% will invest in an ‘apartment’, while27% plan to buy a ‘villa/townhouse/bungalow’, and19% will purchase ‘commercial property’. The majority (55%) of respondents who are planning to invest in property in the UAE in the next12 months plan to buy ‘new’ property, while18% will invest in ‘pre-owned’ property.
Regarding consumer goods,24% of UAE residents plan to purchase a ‘tablet or smartphone’ in the next six months, while23% will invest in a ‘desktop or laptop’. Around one in five respondents (19%) in the UAE are planning to buy ‘furniture’. An ‘LCD or Plasma TV’ (14%), a washing machine (12%) and cooking range (12%) are also among consumer goods which UAE respondents plan to buy in the next few months.
Current Job Perspective in the UAE
Presently,35% of respondents surveyed in the UAE believe that there are plenty of jobs available in the country, with19% claiming availability across ‘multiple’ industries.16% claim availability of jobs but only across a ‘limited’ number of industries.30% of UAE respondents expect the job availability to ‘increase’ in the next six months.
31% of employed UAE respondents feel that the number of employees in their company has ‘increased’ over the past six months, while35% believe the opposite to be true. Over the course of the next six months,38% of employed UAE respondents expect the number of employees in their organization to ‘increase’.
With regards to satisfaction levels,47% of employed UAE respondents are satisfied with their career growth opportunities, and37% of them are satisfied with their current compensation. On the other hand,42% are dissatisfied with their current salary and allowances. When it comes to non-monetary benefits,43% of employed UAE respondents are satisfied, while37% feel the opposite.43% of employed UAE respondents feel secure in their jobs.
“While the region as a whole has seen a relative dip in consumer confidence, future expectations amongst respondents remain positive and bright,” said Suhail Masri, VP of Employer Solutions, Bayt.com. “At Bayt.com there are currently more than10,000 jobs posted on the website on any given day. This augments the tremendous amount of recruitment that takes place via the Bayt.com CV Search functionality, for employers who prefer not to immediately advertise their pressing job vacancies, which recruiters can try for free on www.bayt.com/en/search-cv/. Jobseeker registration on our website is growing at over12,000 new professionals a day and continues to reflect a healthy appetite for jobs across the industrial and career spectrum. In an extra-competitive job market though, we advise professionals to enhance their visibility to employers by creating online profiles on Bayt.com and increasing their visibility on popular search engines. At Bayt.com, we always endeavor to empower the region’s job seekers and employers by providing them with the latest technology and most relevant tools and market insights related 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. Despite the positive outlook on the future, the rising cost of living is negatively impacting residents’ ability to save.”
Data for the Bayt.com Middle East and North Africa Consumer Confidence Index survey was collected online from January27 to February10,2016, with3,905 respondents from the UAE, KSA, Qatar, Oman, Kuwait, Bahrain, Syria, Jordan, Lebanon, Egypt, Morocco, Tunisia and Algeria. Males and females aged18 years old and above, of all nationalities, were included in the survey.