More than half of respondents who responded to a recent survey in Saudi Arabia believe that their financial position will improve in the next six months,
A majority (65 percent) of the respondents are also expecting the cost of living to increase, according to the poll.
The Middle East and North Africa Consumer Confidence Index survey was conducted by Bayt.com, a leading ob site, and YouGov, a top market research agency.

Personal economy

Twenty-nine of respondents in the Kingdom consider their personal financial situation to have improved in the last six months. In parallel, 43 percent claim that it has remained the same, 21 percent believe that it has gotten worse, and a noteworthy 51 percent of the respondents in Saudi Arabia expect their financial position to get better in the next six months.
Eighty-eight percent believe that the cost of living will increase or remain the same in the Kingdom within the same time period. Interestingly, 44 percent of respondents in Saudi Arabia revealed that their savings have decreased in comparison to last year.
In terms of purchases, 37 percent of respondents in Saudi Arabia are hoping to buy a new car in the coming year, with 55 percent planning to purchase a brand new vehicle; 40 percent are looking to buy second-hand.
Thirty-one percent of respondents in the Kingdom are planning to invest in property, with apartments (39 percent) being the investment of choice, followed by villas/townhouses/bungalows (27 percent), and commercial properties (21 percent). 60 percent are keen on buying a new property, while 26 percent intend to buy a pre-owned property. In terms of smaller purchases, Saudi respondents are looking to purchase desktop or laptop computers (22 percent), furniture (20 percent), and LCD or plasma televisions (14 percent).

Economic situation

Overall, 26 percent of respondents believe that the Kingdom’s economy has improved in the last six months, while 34 percent claim that it has remained the same. A notable 41 percent expect things to get better in the next half a year.
Furthermore, 44 percent believe that present business conditions are either very good or good; a remarkable 56 percent expect business conditions to improve in a year’s time. In KSA, jobs are considered to be plentiful according to 52 percent of respondents, and 36 percent expect a surge in the number of job opportunities in Saudi Arabia in the next six months.

Current job perspective

According to 41 percent of Saudi Arabia respondents, their companies have grown in terms of the number of employees in the last six months. Still, 28 percent state that their companies have fewer people now. 41 percent expect the number of employees in their company to increase in the next half year.
For the most part, job satisfaction levels remain relatively stable across the country. professionals in Saudi Arabia are generally happy with their career growth opportunities (43 percent), compensation (36 percent), non-monetary benefits (51 percent), and job security (41 percent).
“Based on the survey’s findings, there is certainly a sense of optimism emerging in the employment landscape across the MENA region,” said Suhail Al-Masri, VP of sales, Bayt.com.
“After all, half of respondents expect business conditions in their country to improve over the next year. Moreover, half of GCC respondents (51 percent) are convinced that their financial position will improve in the next six months,” said the official.
Suhail Al-Masri added: “This is, of course, primarily linked to the fact that a slew of mega projects – such as the UAE’s Expo 2020 and Qatar’s 2022 Fifa World Cup – are set to help boost the GCC economies and bolster the demand for skilled workers. Of course, this is taking place in the midst of rising inflation. Both employers and job seekers must take into account these factors in order to adequately meet their desired outcomes. While job seekers are encouraged to build their online presence in order to stand out, employers are urged to fight the war for talent by offering competitive packages that can adequately cover the ever-increasing costs of living.”
Elissavet Vraka, research manager, YouGov, said: “It is important to recognize that more than half of respondents across the MENA region claim that their savings have decreased in comparison to last year. This means that despite their high hopes for the future, soaring levels of confidence and satisfaction with their current positions, professionals in the MENA region are still feeling financially challenged in today’s complex market environment.”
Data for the YouGov and Bayt.com Middle East and North Africa Consumer Confidence Index Survey for January 2015 was collected online from January 19-31, 2015, with the participation of 4,263 respondents aged 18 years and above. Respondents were from the UAE, Saudi Arabia, Kuwait, Oman, Qatar, Bahrain, Lebanon, Syria, Jordan, Egypt, Morocco, Algeria, and Tunisia.