These findings have been revealed in the recent Consumer Confidence Index study carried out by Bayt.com and YouGov.
According to the quarterly MENA Consumer Confidence Index survey by Bayt.com, prospects for the future appear quite positive from the Kingdom’s survey takers, with 57 percent believing that their financial position will improve in a year’s time, while 13 percent claim it will stay the same and only six percent believe it will get worse.
In parallel, 52 percent of the Kingdom’s respondents expect that the country’s economy will get better within the same time frame. However, this claim won’t essentially mean an increase in the number of jobs.
While 40 percent of the respondents think there will be more jobs available in a year’s time, a good 48 percent feel there will be either no change or fewer jobs.
Similarly, 21 percent seem pessimistic toward the possibility of increase in their organization’s employee-count in the coming quarter, while 30 percent feel the opposite and believe that there will be a positive growth, and a good 34 percent share a neutral outlook on the same. Likewise, companies addressing staffing requirements in the coming three months show that 34 percent of the Kingdom’s survey takers are neutral, with 20 percent who seem optimistic and 30 percent appear quite pessimistic.
“While a certain number of countries witnessed a drop in their Consumer Confidence Index since last quarter, the region’s overall sentiment toward the future remains positive,” said Amer Zureikat, VP sales at Bayt.com.
“It will be interesting to see if the region can slowly, but surely reach a long-term period of true stability in the near future,” said Zureikat.
With regard to the respondents’ present financial situation in the Kingdom, 37 percent have experienced no change, and the situation is worse for 23 percent of survey-takers, while only 33 percent have had an improved financial position in comparison to the previous year. The survey’s respondents also remain doubtful on the current attitude toward purchasing of consumer durable goods, with 40 percent of the Kingdom’s respondents saying "now is a bad time to buy". Just 17 percent believe that this is a good time to buy, while 34 percent stay neutral.
Additionally, with 56 percent of Saudi residents opting to shy away from investments in property and 52 percent from purchasing a car in the next 12 months, 26 percent will look into investing in properties and 34 percent in a car.
From those who are willing to do such investments in a year’s time, 66 percent said they will be buying a "new" property and 55 percent a "new" car, while 42 percent said they will opt for a used one.
“We conduct our quarterly Middle East Consumer Confidence Index Survey in order to chart how consumer confidence levels are changing as the region goes through different economic cycles, and faces the challenges and pressures wrought by economic trends and events across the globe,” added Zureikat.
“This seeks to provide all stakeholders, from regional businesses to local organizations and HR professionals with up-to-date information that is both relevant and reliable as a snapshot of current market trends,” said Zureikat.
When it comes to employment, around 19 percent of the Kingdom’s respondents appear to be highly satisfied with their career prospects, while 33 percent have neutral sentiments, and 41 percent are displeased.
Correspondingly, 26 percent appear to be highly satisfied with their career growth in their current organization, while 34 percent seem unhappy and 36 percent are neutral.
“Gauging consumer opinion is a powerful tool for revealing the current attitudes and sentiments about the business and economic conditions in a specific country, and to see how these change overtime,” said Sundip Chahal, chief operating officer of YouGov.
Data from the Consumer Confidence Index survey shows that feelings toward the level of job security in the Kingdom are relatively balanced with 33 percent saying they are highly satisfied, while 30 percent have neutral feelings toward their job security; and 31 percent being unsatisfied.
Data for the quarterly Bayt.com Consumer Confidence Index (September 2011) survey was collected online from Aug. 24 to Sept. 20, 2011, with 7,864 respondents from the UAE, KSA, Qatar, Oman, Kuwait, Bahrain, Syria, Jordan, Lebanon, Egypt, Morocco, Tunisia, Algeria and Pakistan. Males and females aged over 18 years old, of all nationalities, were included in the survey.
