JEDDAH — While more than half of KSA respondents believe that their financial position will improve in the next six months, a majority (65%) are also expecting the cost of living to rise, the latest Bayt.com Middle East and North Africa Consumer Confidence Index survey, conducted by Bayt.com, showed. Twenty nine percent of respondents in KSA consider their personal financial situation to have improved in the last six months. In parallel, 43% claim that it has remained the same, 21% believe that it has gotten worse, and a noteworthy 51% of KSA respondents 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 KSA within the same time period. Interestingly, 44% of KSA respondents revealed that their savings have decreased in comparison to last year. In terms of purchases, 37% of KSA respondents are hoping to buy a new car in the coming year, with 55% planning to purchase a brand new vehicle; 40% are looking to buy second-hand. 31% of KSA respondents are planning to invest in property, with apartments (39%) being the investment of choice, followed by villas/townhouses/bungalows (27%), and commercial properties (21%). 60% are keen on buying a new property, while 26% intend to buy a pre-owned property. In terms of smaller purchases, KSA respondents are looking to purchase desktop or laptop computers (22%), furniture (20%), and LCD or plasma televisions (14%). Overall, 26% of respondents believe that the KSA economy has improved in the last six months, while 34% claim that it has remained the same. A notable 41% expect things to get better in the next half a year. Furthermore, 44% believe that present business conditions are either very good or good; a remarkable 56% expect business conditions to improve in a year's time. In KSA, jobs are considered to be plentiful according to 52% of respondents, and 36% expect a surge in the number of job opportunities in KSA in the next six months. According to 41% of KSA respondents, their companies have grown in terms of the number of employees in the last six months. Still, 28% state that their companies have fewer people now. 41% 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. KSA professionals are generally happy with their career growth opportunities (43%), compensation (36%), non-monetary benefits (51%), and job security (41%). “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%) are convinced that their financial position will improve in the next six months. This is, of course, primarily linked to the fact that a slew of megaprojects – 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.” – SG
