The latest results from the Middle East Consumer Confidence Index survey carried out by Bayt.com, the Middle East’s number one job site, and YouGov, research and consulting organisation, indicates that the majority of Kuwaiti residents (71%), have either experienced an improvement or no changes towards their financial condition during the past six months.
National Economic Conditions
Nearly six in10 respondents in Kuwait believe that their country’s economy has either “improved” or “remained at the same level” during the past six months, while less than a third of respondents suggest that the economy has “receded.” When asked about future expectations,47% of Kuwait respondents said that they are optimistic about the economy improving, compared to only14% who believe the opposite.22% of respondents expect the economy to “remain the same.”
When it comes to current business conditions, almost four in10 Kuwaiti respondents believe that the business conditions are either “good” or “very good,”38% believe that the conditions are “average,” while19% believe they are “bad” or “very bad.” Kuwaiti respondents are optimistic about the business conditions within the next year, where55% believe that they will “improve.”21% expect business conditions to “remain the same” and only14% said that they could get worse.
Personal Economic Conditions
71% of Kuwaiti respondents believe that their current financial position is now “better” or the “same as six months ago.” Less than a quarter (22%) of respondents believe that it has become “worse.” When it comes to future expectations, more than half (56%) of Kuwaiti respondents expect that their financial situation will “improve” in the next six months, and21% believe that it will “remain the same as it is now.” Only13% of respondents expect it to become worse.
Looking at residents’ opinions on the cost of living in Kuwait, a considerable proportion of respondents (62%) expect the cost of living to “increase” in the next six months, compared to21% who believe that it will “remain the same” and5% who believe that it will “decrease.”
Current Job Perspective
In Kuwait, over four in ten (42%) employed respondents reported that the number of employees in their companies has increased over the past six months. The majority of those who were surveyed (42%) expect the number of employees in their organization to increase over the next six months.
With regards to satisfaction levels, nearly six in10 Kuwaiti respondents are satisfied with their career growth opportunities. When it comes to compensation,42% of Kuwaiti respondents are satisfied and45% are satisfied with the non-monetary benefits they receive. Nearly half (48%) of respondents in Kuwait are satisfied with the level of job security that they have in their current organization.
“As the leading job site in the Middle East, we find it vital to provide all professionals with insights on the economic and financial conditions and how they connect to the job market and availability of career opportunities,” said Suhail Masri, Vice President of Employer Solutions, Bayt.com. “We want to always empower professionals, job seekers and employers alike, to address and overcome any economic changes and make room for improvements in their careers. Employers who are invested in attracting, hiring, and retaining quality talent, who help them maximize productivity, will find our tools, such as CV Search and Job Postings, to be exactly what they need. Similarly, job seekers who stand in face of tough competition will make use of over10,000 jobs that are available on Bayt.com on any given day as well as the numerous job search tools and resources that help make them stronger candidates.”
Spending and Investment
When it comes to future spending and investment plans, one third (33%) of Kuwaiti respondents claim that they are planning to buy a vehicle for personal use in the next12 months. Of those who are planning to purchase a vehicle,53% are planning to buy a new one, while41% are planning to buy a used one.
Respondents were asked about their plans to invest in property,35% of Kuwait respondents say that they are planning to purchase property in the next12 months. Of those who are planning on making a property investment,50% will be looking to buy a new property, while39% plan to invest in a pre-owned property. In terms of the type of property, more than four in ten respondents are planning to purchase an apartment (42%), while33% will buy a villa/townhouse/bungalow and17% plan to invest in commercial property.
Regarding purchasing plans for consumer goods,16% of Kuwaiti residents plan to purchase furniture within the next six months,14% of respondents are planning to buy a tablet or a smartphone, and13% plan to buy a desktop or a laptop.
Arleen Gonsalves, Associate Research Manager, YouGov, said: “It is important for us to regularly conduct thorough research regarding consumer sentiments and opinions and share that information with the region. The Middle East Consumer Confidence Index survey gives us many insights into the personal, business and economic conditions of the region. For instance, the majority of respondents are anticipating an increase in the cost of living and perhaps that signals a need to re-evaluate the stability of personal finances and plan income sources accordingly.”
Data for the Bayt.com Middle East Consumer Confidence Index survey was collected online from January10 to January31,2017, with2750 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.