22% of Bahrain respondents have a very positive outlook on the future of the economy in Bahrain, 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
Personal Economic Situation
According to39% of respondents in Bahrain, their financial situation is the ‘same as six months ago’. On the other hand,13% say it is ‘better’ now than it was six months ago, while42% claim that it is ‘worse’.30% of respondents believe that their personal financial situation will ‘improve’ in the next six months, while32% say that it will ‘remain the same as it is now’. When it comes to the cost of living in the next six months,85% of respondents expect it to increase, while4% expect the cost of living to remain the same.
When it comes to personal savings,66% of Bahrain respondents say that their savings have ‘decreased’ when compared to last year. Only5% of respondents claim that their savings have ‘increased’, while24% reveal that they have ‘remained the same’.
Consumer Spending in Bahrain
21% of those surveyed in Bahrain are planning to invest in a motor vehicle in the next12 months. Of those,37% are planning to buy a new vehicle, while31% are planning to buy a used one.65% of respondents in Bahrain are not planning on purchasing a vehicle.
When it comes to investing in property,20% are planning to invest in the next12 months. Of those who are planning to buy property,44% will invest in an ‘apartment’, while31% plan to buy a ‘villa/townhouse/bungalow’, and19% will purchase ‘commercial property’. Half of respondents who are planning to invest in property in Bahrain plan to buy new property in the next12 months, while28% will invest in pre-owned property.
Regarding consumer goods,24% of Bahrain residents plan to purchase a ‘tablet or smartphone’ in the next six months, while22% will invest in ‘furniture’.14% of respondents from Bahrain are planning to buy ‘a desktop or laptop’ over the same period. An ‘LCD or Plasma TV’ (10%), washing machine (10%) and cooking range (10%) are also on the respondents’ list of consumer goods to buy this year.
Current Job Perspective in Bahrain
Presently,18% of respondents surveyed believe that there are plenty of jobs available in Bahrain, with8% claiming availability across multiple industries and10% claiming availability, but only across a limited number of industries.15% of Bahrain respondents expect the job availability to ‘increase’ in the next six months.
21% of employed respondents feel that the number of employees in their company over the past six months has ‘increased’, while41% believe the opposite to be true. Over the course of the next six months,28% of employed Bahrain respondents expect the number of employees in their organization to ‘increase’.
With regards to satisfaction levels,44% of employed Bahrain respondents are ‘satisfied’ with career growth opportunities, and36% 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,39% of employed Bahrain respondents are satisfied, while41% feel the opposite.41% of employed respondents in Bahrain 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.