36% in UAE saw financial situation worsen in 2011

According to a recent consumer confidence index survey conducted by Bayt.com and YouGov, just 20 per cent of UAE respondents believe their current situation has improved from last year, but 43 per cent are optimistic their financial status will improve in the coming year.

Thirty-eight per cent respondents in the UAE say their (and family’s) current financial situation is the same while 36 per cent say it is worse than last year. Only one-fifth claim to have seen their finances improve in the same period.

About 66 per cent say the country's economy is the same, 34 per cent say it has declined than it was 12 months ago.

Forty per cent respondents say this is a bad time for business and 39 per cent believe this is not the right time to purchase consumer durable goods, with only 16 per cent saying this is a good time to buy. Thirty-eight per cent claim this to be a neutral time.
 
With regards to employement, 47 per cent respondents claim there are ‘very few’ jobs available in the UAE, and 37 per cent sayi there are ‘not many available’.

Meanwhile, 41 per cent state there are fewer employees working with them now than there were this time last year, with 24 per cent claiming that their businesses have expanded, and 27 per cent saying that the number of employees remain the same.

Meanwhile, 71 per cent respondents claim their salary has not kept up with the current cost of living.

Amer Zureikat, VP Sales, Bayt.com., said: "Sentiments are quite low this year... however, going forward, expectations and optimism are high, particularly for those looking for employment.”

Expectations for 2012

Forty-three per cent respondents believe that their financial position will change for the better next year even as 40 per cent say the country's economy remains the same.

Business conditions are expected to improve according to 41 per cent of UAE respondents, and 28 per cent are positive that there will be more jobs available. Only 30 per cent believe that the number of jobs will remain the same, and 27 per cent believe there will be fewer jobs.

Meanwhile, 38 per cent believe there will be no change in the number of employees taken on by their company and 39 per cent respondents have neutral sentiments, with 26 per cent stating that their company will fail to match requirements.

Sundip Chahal, CEO, YouGov, says: "Despite the overall outlook being less than positive for the present, there are some warming sentiments for the year to come as people look forward to improved business conditions.

Better business conditions should lead to more jobs and possibly enhanced compensations, which is always something to look forward to.”

Career satisfaction

Only 13 per cent of respondents in the UAE are satisfied with their job and career prospects, with 14 per cent happy with the potential for growth in their current organisation. Twenty-one per cent claim they are secure in their positions; only seven per cent are content with their current compensation though. Half of respondents are displeased, and 36 per cent are neutral.

Purchasing predictions next year

The majority of UAE respondents are not looking to make any major purchase in 2012. Of the 25 per cent who say that they are considering buying a vehicle, 44 per cent will buy new, and 47 per cent will opt to purchase a used vehicle. Only 14 per cent are looking to buy property in the coming 12 months – of these, 64 per cent will buy new.

Laptops continue to be the most popular items that people are looking to buy in the next six months, with 24 per cent saying they will invest in one.

Data for the survey was collected online between November 27 and December 6, 2011, covering 7,343 respondents aged over 18 years.

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