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 nearly two thirds of Qatar respondents expect their financial conditions to “improve” within the next six months. Furthermore, the bigger portion of Qatar respondents (56%) expect their country’s economy to “improve” within the next six months.
National Economic Conditions
64% of respondents in Qatar believe that their country’s economy has either “improved” or “remained at the same level” during the past six months, while less than a quarter of respondents suggest that the economy has “receded.” When asked about future expectations, Over half (56%) of Qatari respondents said that they are optimistic about the economy improving, compared to only12% who believe the opposite.17% of respondents expect the economy to “remain the same.”
When it comes to current business conditions, more than four in10 Qatari respondents believe that the business conditions are either “good” or “very good,”38% believe that the conditions are “average,” while only17% believe they are “bad” or “very bad.” Respondents in Qatar are optimistic about business conditions for the next year, where58% of them believe that they will “improve.”17% expect business conditions to “remain the same” and only10% said that they could get worse.
Looking at future availability of jobs in Qatar, there is a general positive outlook amongst Qatar residents, where36% of respondents believe the number of jobs available will “increase” over the next six months.
Personal Economic Conditions
78% of Qatari respondents believe that their current financial position is “better” or the “same as six months ago.” Less than one in five (15%) of respondents believe that it has become “worse.” When it comes to future expectations, almost two thirds (63%) Qatari respondents expect that their financial situation will “improve” in the next six months, and16% believe that it will “remain the same as it is now.” Only10% of respondents expect it to become worse.
Looking at residents’ opinions on the cost of living in Qatar,56% of respondents expect it to “increase” in the next six months, compared to27% who believe that it will “remain the same” and9% who believe that it will “decrease.”
Current Job Perspective
In Qatar, one third of 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 (44%) expect the number of employees in their organization to increase over the next six months.
With regards to satisfaction levels, over half (53%) of Qatari respondents are satisfied with their career growth opportunities. When it comes to compensation, half of Qatari respondents (50%) are satisfied. More than half of respondents (51%) in Qatar are satisfied with the non-monetary benefits they receive.
“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,44% of Qatar respondents claim that they are planning to buy a vehicle for personal use in the next12 months. The rest are undecided. Of those who are planning to purchase a vehicle,60% are planning to buy a new one, while37% are planning to buy a used one.
Respondents were asked about their plans to invest in property, four in10 respondents in Qatar said that they are planning to purchase property in the next12 months. Of those who are planning on making a property investment,69% will be looking to buy a new property, while25% plan to invest in a pre-owned property. In terms of the type of property,44% of Qatari respondents are planning to purchase an apartment, while36% will buy a villa/townhouse/bungalow and17% plan to invest in commercial property.
Regarding purchasing plans for consumer goods,23% of Qatari residents plan to purchase a desktop or a laptop in the next six months,20% are planning to buy a tablet or a smartphone, and17% of respondents from Qatar plan to buy an LCD or a Plasma TV.
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.