RIYADH – Residents in the Middle East and North Africa (MENA) region are anticipating the cost of living to increase in the coming year, although their financial positions have not improved, the Consumer Confidence Index (CCI) Survey conducted by Bayt.com, the Middle East's number one job site, and YouGov, a research and consulting organization, revealed Sunday. In Saudi Arabia, only 25 percent of respondents claim that they are in a better position now compared to six months ago. However, MENA respondents have an optimistic outlook for the months to come, with 44 percent expecting their personal or family's financial situation to improve in the next six months. Only 18 percent of respondents across the MENA region claim that they are in a better financial position now than they were six months ago. Only 15 percent across the region say that their savings have increased in the last year, with 25 percent saying they have remained the same. However, hope for the future is high, with 44 percent expecting their financial situation to improve in the next six months. Conversely, 78 percent believe that the cost of living in their country will increase. Only 32 percent will look to buy a vehicle in the next 12 months (of which the majority (48 percent) will opt for a used vehicle), and only 20 percent are looking to buy property within the same time frame. Those intending to invest in property will primarily look for new (57 percent) apartments. In terms of smaller purchases, desktop or laptop computers remain the most popular anticipated purchase (27 percent), followed by furniture (18 percent) and LCD or Plasma televisions (17 percent). In Saudi Arabia, as far as their current financial situation is concerned, 45 percent of Kingdom respondents say that there has been no change in the past six months, while 25 percent claim things are now better; 48 percent say that their savings have depleted in comparison to last year. However, 53 percent believe that things will be better in the coming six months. Despite this optimism, 78 percent believe that the cost of living in the country will increase within the same timeframe. The majority of KSA residents (46 percent) are not considering buying a personal vehicle in the next 12 months. Of the 42 percent who claim they are looking to make a purchase, 49 percent will choose to buy a new vehicle, while 44 percent will opt for a used one. In terms of property, only 27 percent are looking to invest; interests lie in buying new apartments. Desktop or laptop computers (28 percent), furniture (22 percent) and LCD or plasma televisions (18 percent) will be the top purchases made in the coming six months. According to respondents, 46 percent of companies have seen an increase in employees in the past six months. Five in ten respondents (47 percent) believe their company will hire in the next six months. Respondents in KSA are satisfied with their career growth opportunities (43 percent), non-monetary benefits (54 percent) and job security (43 percent). However, while 35 percent claim to be satisfied with their current compensation, 42 percent are unhappy with it. While the overall regional sentiment towards the present economic situation is negative with 44 percent of MENA respondents claiming it has grown worse in comparison to six months earlier, vast disparities are recorded between countries, with as much as 71 percent separating the two extremes. – SG
