30% of Kuwait respondents have a very positive outlook on the future of Kuwait’s 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
17% of Kuwait respondents believe that the country’s economy has ‘improved’ in the last six months, while nearly a half (48%) believe that it has ‘receded’. However,30% expect the country’s economy to ‘improve’ in the next six months, almost equaling the31% who expect it to ‘get worse’.
Almost a quarter of employed Kuwait respondents (23%) believe that business conditions are either ‘good’ or ‘very good’;24% believe that business conditions are bad. However, respondents are largely optimistic about the future, with43% of Kuwait respondents who expect business conditions to ‘get better’ in a year’s time.
Personal Economic Situation
According to45% of respondents in Kuwait, their financial situation is the ‘same as six months ago’ (19% say it is ‘better’ than it was six months ago, while29% claim that it is ‘worse’). The outlook in Kuwait is positive:39% of respondents 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, eight in10 respondents expect it to increase, while one in10 expect the cost of living to ‘remain the same’.
64% of Kuwait respondents say that their savings have ‘decreased’ when compared to last year.11 % claim that their savings have ‘increased’ this year, while21% reveal that they have ‘remained the same’.
Consumer Spending in Kuwait
27% of those surveyed in Kuwait are planning to invest in a motor vehicle in the next12 months. Of those,47% are planning to buy a new vehicle, while33% are planning to buy a used one.63% of Kuwait respondents are not planning on purchasing a vehicle.
When it comes to investing in property, a quarter of Kuwait respondents are planning to invest in the next12 months. Of those who are planning to buy property,48% will invest in an ‘apartment’, while30% plan to buy a ‘villa/townhouse/bungalow’ and17% will purchase ‘commercial property’. The majority (59%) of respondents who are planning to invest in property in Kuwait plan to buy ‘new’ property in the next12 months, while12% will invest in ‘pre-owned’ property.
Regarding consumer goods,21% of Kuwait residents plan to purchase a ‘tablet or smartphone’ in the next six months, while19% will invest in a ‘desktop or laptop’ or in ‘furniture’. Around13% of respondents in Kuwait are planning to buy ‘LCD or Plasma TV’ over the same period. A ‘washing machine’ (12%), refrigerator (10%) and cooking range (10%) are also among the respondents’ list of priorities for this year.
Current Job Perspective in Kuwait
Presently,29% of respondents surveyed believe that there are plenty of jobs available in Kuwait, with12% claiming availability across multiple industries and17% claiming availability across a limited number of industries.15% of Kuwait respondents expect the job availability to ‘increase’ in the next six months.
24% of employed respondents feel that the number of employees in their company over the past six months has ‘increased’, while45% believe the opposite to be true. Over the course of the next six months,26% of employed respondents in Kuwait expect the number of employees in their organization to ‘increase’.
With regards to satisfaction levels,33% of employed Kuwait respondents are satisfied with career growth opportunities, and30% are satisfied with their current compensation. On the other hand,52% are dissatisfied with their current salary and allowances. When it comes to non-monetary benefits,31% of employed Kuwait respondents are satisfied, while52% feel the opposite.34% of employed respondents in Kuwait 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.