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 Jordan 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 only14% 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 Jordan, with40% 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 correlation with this,44% of respondents expect that Jordan’s economy will take a turn for the better within the same time period, with a majority (45%) also believing that this will bring around better business conditions. This will, in turn, open up more job opportunities, according to32% of respondents.
Despite this, there is a neutral sentiment expressed by a majority of the respondents (37%) towards the likelihood of increase in their organisation’s employee-count for the coming quarter. Only16% of respondents think there will be a positive growth, though this is shadowed by29% sharing a pessimistic outlook on the same. The percentages closely resemble those obtained when respondents were asked what they felt about their organization keeping up with staffing requirements in the coming three months – the majority are neutral (a trend that is echoed across the region), with17% optimistic and32% 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 AmerZureikat, VP Salesat 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 Jordan, however,44% claim that their financial situation is worse,32% state that there has been no change, and only20% believe that there has been a positive improvement. The overwhelming majority state that in comparison to last year, their salary has not kept pace with the cost of living in Jordan.
This reflects on the current attitude towards the purchasing of consumer durable goods, with only14% of Jordan’s respondents feeling that this is a positive time to buy. The majority, at53%, believe that this is a bad time to make large purchase, with most opting to shy away from investments in property and purchasing new cars in the next12 months. Among the22% who are looking to purchase vehicles,36% say they will invest in a new car, while59% will choose a used car. As far is property is concerned,67% of would-be investors will look to invest in new properties.
In terms of employment, only a small percentage (11%) of respondents appear to be satisfied with their current job and career prospects. Neutral sentiments towards their current employment situation are felt by35%, where as45% are displeased. With reference to the possibility for career growth, a collective82% have indicated neutral (31%) or low (51%) satisfaction for the same in their current organisation.
Survey statistics show that feelings towards the level of job security in Jordan are skewed towards the negative; most respondents (38%) are dissatisfied,28% are neutral, whereas only26% report high satisfaction.
“Our survey demonstrates that the majority of employees in Jordan 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.