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 Lebanon 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 only9% believing that now is a good time to buy consumer durables – the lowest percentage in the MENA region.
According to the Bayt.com quarterly MENA Consumer Confidence Index survey, expectations for the future are primarily positive amongst respondents from Lebanon, with43% believing that their financial position will improve in a year’s time, which is a reflection of sentiment from across the Middle East region. In contrast to this,38% of respondents believe that Lebanon’s economy will take a turn for the worst within the same period. This, according to34%, will lead to there being fewer jobs available.
There is a neutral sentiment expressed by a small majority of the respondents (34%) towards the likelihood of increase in their organisation’s employee-count for the coming quarter, closely followed by30% with a negative outlook, with only19% believing that there will be a positive 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), with only16% optimistic and27% 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; in Lebanon, however, statistics are skewed towards the negative, with37% stating that their current financial situation is worse than in the previous year, while33% state that there is no change and only22% say that things are now better. The overwhelming majority state that in comparison to last year, their salary has not kept pace with the cost of living in Lebanon.
This reflects on the current attitude towards the purchasing of consumer durable goods, with only9% of Lebanon’s respondents feeling that this is a positive time to buy. A combined85% believe that this is a neutral (40%) to bad (45%) 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,42% say they will invest in a new car, while52% will choose a used car. As far is property is concerned,69% of would-be investors will look to invest in new properties.
In terms of employment, only13% of respondents appear to be satisfied with their current job and career prospects. An equally split82% harbour neutral or negative feelings towards their current job satisfaction. With reference to the possibility for career growth in their current organization a collective84% respondents indicate neutral (44%) or low (40%) satisfaction. Survey statistics show that feelings towards the level of job security in Lebanon are predominantly neutral (43%).
“Our survey demonstrates that the majority of employees in Lebanon 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.