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A majority of UAE residents expect economy to
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UAE residents 'positive on financial future'

DUBAI, September 6, 2015

A majority of the UAE residents have a positive outlook on the future of the country’s economy, as well as their own financial future despite many saying that their savings have decreased this year in comparison to last year, a study said.

Almost a third of UAE respondents believe that the country’s economy has improved in the last six months, while 17 per cent believe that it has receded. About 33pc of respondents believe that the economy has remained the same, said the latest Bayt.com Middle East and North Africa Consumer Confidence Index survey, conducted by Bayt.com, a leading job site, and YouGov, a major market research agency.

A majority (59pc) of respondents expect the economy to improve in the next six months, while one in five expect it to remain the same, it said.

About half of employed respondents in the UAE believe that business conditions are either good or very good (48pc), while 11pc believe that business conditions are either bad or very bad. Moreover, the  majority of employed respondents (71pc) believe that business conditions will improve in a year’s time, it said.

Personal Economic Situation

About 31pc of UAE respondents believe that their or their family’s current financial situation is better now than it was six months ago, and 41pc believe that it remained the same. About 19pc believe that their financial situation is worse.

The future outlook is positive too: 59pc of respondents believe that their personal financial situation will improve in the next six months, while 22pc feel it will remain the same.

When it comes to cost of living, 76pc of respondents expect it to increase, while 10pc expect it to remain the same.

As many as 43pc of UAE respondents say that their savings have decreased in comparison to last year. About one in 5 respondents (22pc) claim that their savings have increased, while 30pc claim that they have remained the same.

Consumer Spending

About 43pc of those surveyed in the UAE are planning to invest in a motor vehicle in the next 12 months. Of those, 43pc are planning to buy a new vehicle, while 34pc are planning to buy a used one.

When it comes to investing in property, 29pc of UAE respondents are planning to invest in the next 12 months, while more than half have no plans to invest. Of those who are planning to buy property, 45pc will invest in an apartment, while 29pc plan to buy a villa/townhouse/bungalow and 24pc will purchase commercial property.

Regarding consumer goods, 28pc of UAE residents plan to purchase a tablet or smartphone in the next six months, while 27pc will invest in a desktop or laptop. More than one in five respondents from the UAE are planning to buy furniture over the same time period. An LCD or Plasma television (14pc), air conditioner (11pc), washing machine (11pc) and refrigerator (11pc), are also among on the respondents’ list of priorities.

Job Perspective

Presently, half of the respondents surveyed believe that there are plenty of jobs available in the UAE; with 29pc claiming availability across multiple industries and 21pc claiming availability across a limited number of industries. About 34pc believe that there few jobs available in the UAE.  Around 46pc of UAE respondents expect job availability to increase in the next six months.

“When looking at the region in its entirety, the outlook is a positive one,” said Suhail Al-Masri, vice president of sales, Bayt.com. “When it comes to jobs, the outlook is positive as well. Now is a good time for professionals to focus on job search strategies, and brand themselves online. “

Elissavet Vraka, research manager, YouGov, said: “Gauging consumer opinion is a powerful tool for revealing the current attitudes and sentiments about the business and economic conditions in a specific country. With the majority of people anticipating an increase in living costs and having experienced a decrease in savings, it may be time to take an evaluative look at the stability of personal financial situations.”

Data for the Bayt.com Consumer Confidence Index survey was collected online from July 27 to August 2, with 8,882 respondents from the UAE, Saudi Arabia, Qatar, Oman, Kuwait, Bahrain, Syria, Jordan, Lebanon, Egypt, Morocco, Tunisia and Algeria.  – TradeArabia News Service
 




Tags: UAE | economy | residents |

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