Economic outlook remains rosy in UAE
A vast majority of respondents in a survey are upbeat about economy, businesses.
Dubai: A vast majority of respondents in a survey are upbeat about the future of the UAE economy and voiced confidence that business conditions are bound to get better within months.
While 48 per cent of UAE respondents have a very positive outlook on the future of the UAE economy, 60 per cent said they expect business conditions to get better in a year's time, according to the most recent Bayt.com Middle East and North Africa Consumer Confidence Index survey. The survey was conducted by the job site in cooperation with YouGov, a leading market research agency.
"While the region as a whole has seen a relative dip in consumer confidence, future expectations among respondents remain positive and bright," said Suhail Masri, VP of Employer Solutions, Bayt.com.
While 26 per cent of UAE respondents believe that the country's economy has improved in the last six months, almost a third (32 per cent) believe that it has receded. However, close to half of the respondents (48 per cent) expect the economy to improve in the next six months, vastly outnumbering the smaller group of only one in five who expect it to get worse.
In the UAE, 31 per cent of employed respondents believe that business conditions are either 'good' or 'very good'; however, 30 per cent believe that business conditions are 'bad'. According to 40 per cent of UAE respondents, their personal financial situation is the 'same as it was six months ago' (25 per cent say it is 'better than it was six months ago', while 27 per cent claim that it is 'worse').
The outlook for the next few months is positive though as 51 per cent of respondents believe that their personal financial situation will 'improve 'in the next six months. When it comes to cost of living in the next six months, 58 per cent of respondents expect it to increase, while 23 per cent expect the cost of living to remain the same.
While almost half of UAE respondents say that their savings have 'decreased' when compared to last year, 18 per cent claim that their savings have 'increased' this year, while 29 per cent say that their savings have 'remained the same'.
The survey show that 36 per cent of respondents are planning to invest in a motor vehicle in the next 12 months. Of those, 41 per cent are planning to buy a new vehicle, while 38 per cent are planning to buy a used one and 51 per cent said they are not planning on purchasing a vehicle this year.
In property sector, 26 per cent of UAE respondents are planning to invest in the next 12 months. Of those who are planning to buy property, 49 per cent will invest in an 'apartment', while 27 per cent plan to buy a 'villa/townhouse/bungalow', and 19 per cent will purchase 'commercial property'. The majority (55 per cent) of respondents who are planning to invest in property in the UAE in the next 12 months plan to buy 'new' property, while 18 per cent will invest in 'pre-owned' property.
About 24 per cent of survey respondents plan to purchase a 'tablet or smartphone' in the next six months, while 23 per cent will invest in a 'desktop or laptop'. Around one in five respondents (19 per cent)in the UAE are planning to buy 'furniture'. An 'LCD or Plasma TV' (14 per cent), a washing machine (12 per cent) and cooking range (12 per cent) are also among consumer goods which UAE respondents plan to buy in the next few months. Some 35 per cent of respondents believe that there are plenty of jobs available in the country, with 19 per cent claiming availability across 'multiple' industries. About 30 per cent of UAE respondents expect the job availability to 'increase' in the next six months.
Forty seven per cent of employed UAE respondents are satisfied with their career growth opportunities, and 37 per cent of them are satisfied with their current compensation. On the other hand, 42 per cent are dissatisfied with their current salary and allowances.