41% of respondents in Saudi Arabia have a positive outlook on the future of the economy in the country, 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
36% of KSA respondents believe that business conditions are either ‘good’ or ‘very good’, while21% believe that business conditions are ‘bad’. However, almost half of the respondents (49%) are largely optimistic about the future, expecting business conditions to ‘get better’ in a year’s time.
19% of KSA respondents believe that the country’s economy has ‘improved’ in the last six months, while43% believe that it has ‘receded’. However,41% of the respondents expect the economy to ‘improve’ in the next six months.
Personal Economic Situation
According to37% of poll respondents in KSA, their financial situation is the ‘same as it was six months ago’ (21% say it is ‘better’ now, while31% claim that it is ‘worse’). The outlook is positive though: almost half of respondents (48%) believe that their personal financial situation will ‘improve’ in the next six months. When it comes to the cost of living in the next six months,70% of respondents expect it to increase, while17% expect the cost of living to ‘remain the same’.
Half of KSA respondents (50%) say that their savings have ‘decreased’ when compared to last year. Almost one in five respondents (19%) claim that their savings have ‘increased’, while a quarter (25%) reveal that they have ‘remained the same’.
Consumer Spending in Saudi Arabia
42% of those surveyed in Saudi Arabia are planning to invest in a motor vehicle in the next12 months. Of those,51% are planning to buy a new vehicle, while27% are planning to buy a used one.49% of KSA respondents are not planning on purchasing a vehicle.
When it comes to investing in property,28% of respondents are planning to invest in the next12 months. Of those who are planning to buy property,41% will invest in an ‘apartment’, while34% plan to buy a ‘villa/townhouse/bungalow’ and25% will purchase ‘commercial property’. The majority of respondents (57%) who are planning to invest in property in KSA plan to buy new property in the next12 months, while18% will invest in pre-owned property.
Regarding consumer goods,23% of KSA respondents plan to purchase a ‘tablet or smartphone’ in the next six months, while21% will invest in a ‘desktop or laptop’.31% of respondents are planning to buy ‘furniture’ over the same period. An ‘LCD or Plasma TV’ (17%), air conditioner (17%) and washing machine (16%) are also among the respondents’ list of priorities this year.
Current Job Perspective in Saudi Arabia
Presently,42% of respondents surveyed believe that there are plenty of jobs available in Saudi Arabia, with22% claiming availability across multiple industries and20% claiming availability across a limited number of industries.29% of KSA respondents expect the job availability to ‘increase’ in the next six months.
32% of employed respondents feel that the number of employees in their companies over the past six months has ‘increased’, while41% believe the opposite to be true. Over the course of the next six months,33% of employed KSA respondents expect the number of employees in their organization to ‘increase’.
With regards to satisfaction levels,47% of employed KSA respondents are ‘satisfied’ with their career growth opportunities, and39% are satisfied with their current compensation. On the other hand,41% are dissatisfied with their current salary and allowances. When it comes to non-monetary benefits,57% of employed KSA respondents are satisfied, while29% feel the opposite.44% of employed respondents in Saudi Arabia 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.