Results from the recently concluded Consumer Confidence Index survey conducted jointly by Bayt.com, the Middle East’s number one job site, and research and consulting organisation YouGov, shows that residents in Qatar hold an optimistic view of their personal financial future, as well as of the country’s economy. However, a majority of surveyed employees feel that the current remuneration is not in line with the cost of living, with only18% believing that now is a good time to buy consumer durables.
According to the Bayt.com quarterly MENA Consumer Confidence Index survey, expectations for the future are primarily positive amongst respondents from Qatar, with52% believing that their financial position will improve in a year’s time, which is a reflection of sentiment from across the Middle East region, and56% of respondents believe that Qatar’s economy will take a turn for the better within the same period, which will, according to60%, lead to there being more jobs available.
There is a neutral sentiment expressed by the majority of the respondents (46%) towards the likelihood of increase in their organisation’s employee-count for the coming quarter;29% share a positive outlook, with only13% believing that there will be negative growth. The percentages are similarly weighted in terms of their company meeting staffing requirements in the coming three months – the majority are neutral (a trend that is echoed across the region), with26% optimistic and18% pessimistic.
“The overall feeling is that while the coming year will be favourable for business and corporations, this may not necessarily reflect on employees’ benefits,” explained Amer Zureikat, VP Sales at Bayt.com. “At Bayt.com, we work towards creating a solid platform of statistics and a valuable insight to share with employees and employers alike. As the number one job site in the Middle East, we provide reliable date from a significant cross-section of the region’s population.”
With regards to the respondents’ present situation, the general feeling across the region is that the financial situation for them and their family is no different than it was within the previous year. Qatar follows this trend with40% claiming their situation is the same, however33% say that things are better, with24% claiming that their financial situation is now worse. The overwhelming majority state that in comparison to last year, their salary has not kept pace with the cost of living in Qatar.
This reflects on the current attitude towards the purchasing of consumer durable goods, with only18% of Qatar’s respondents feeling that this is a positive time to buy. A combined75% believe that this is a neutral (51%) to bad (24%) time to purchase, with most opting to shy away from investments in property and purchasing new cars in the next12 months. Among the32% who are looking to purchase vehicles,61% say they will invest in a new car, while31% will choose a used car. As far is property is concerned,68% of would-be investors will look to invest in new properties.
In terms of employment, only18% of respondents appear to be satisfied with their current job and career prospects. Half (50%) have neutral sentiments towards their current employment situation, and28% report low satisfaction levels. With reference to the possibility for career growth in their current organization a collective72% respondents indicate neutral (46%) or low (26%) satisfaction.
Statistics show that feelings towards the level of job security in Qatar are relatively balanced; most respondents (37%) have a neutral opinion of their job security,34% are highly satisfied and25% are unsatisfied.
“Our survey demonstrates that the majority of employees in Qatar are indifferent or less to their current career status, which shows that there is definite room for improvement. The general sentiment is that an increase in salary could be due, in correlation with inflated costs of living,” concluded Zureikat.
Data for the quarterly Bayt.com Consumer Confidence Index survey was collected online from June1 – July17,2011, with7,245 respondents aged over18 years, covering GCC Arab, North African, Levant, Western Expatriate and Asian nationalities. Countries who participated are UAE, Saudi Arabia, Kuwait, Oman, Qatar, Bahrain, Lebanon, Syria, Jordan, Egypt, Morocco, Algeria, Tunisia and Pakistan.