Majority of residents in Saudi Arabia believe that their financial situation is either the same or better now as it was 12 months ago, though they believe that the Kingdom's economy has remained the same, the latest Consumer Confidence Index conducted by Bayt.com, the Middle East's number one job site, and YouGov, a research and consulting organization, showed Sunday. Residents in the Kingdom felt this is a neutral time to buy consumer durable goods. Business conditions are also considered to be good. The outlook for employment in the Kingdom is better than elsewhere in the region, with 32 percent claiming that there are 'plenty' of jobs available compared to MENA average of 12 percent who claim the same is true for their country. Four in 10 (44 percent) respondents in the Kingdom said there are more employees working in their company now compared to last year, while 59 percent of them believe that their salary has not kept pace with the cost of living, and 47 percent say that their compensation is inadequate. In the next three months, most respondents in the Kingdom believe that there will be few additional employees added to their company (38 percent claim to have a 'neutral' sentiment in this regard). Similarly, 40 percent are neutral as to whether or not their company will keep up with staffing requirements. Respondents in the Kingdom are positive about the year ahead, with the majority believing that both their financial situation (56 percent) and the country's economy (48 percent) will have improved. Business and employment conditions are expected to be better, according to 55 percent and 42 percent of respondents, respectively. Residents in Saudi Arabia believe that the cost of living (36 percent) and real estate for rental or purchase (36 percent) will be negatively impacted in the year to come. A third of Kingdom residents (32 percent) are expecting to buy a vehicle in 2012, of which 51 percent say they will go for a new vehicle. Another quarter (26 percent) are considering investing in real estate, and of these, a majority (64 percent) are considering buying new property. In terms of household goods, the most popular anticipated purchase is a laptop or desktop, followed by furniture and LCD or plasma televisions. While roughly a third of regional respondents to Bayt.com's Consumer Confidence Index experienced a decrease in their finances in comparison to 2011, another third (34 percent) state that they have not had any change at all. More than a quarter (27 percent) claim to have an improved financial situation. Country economies are considered by most to be either the same or worse than last year, and the majority of respondents believe that this is a neutral or bad time to purchase durable consumer goods and that business conditions are unfavourable. Only 12 percent claim that there are jobs readily available. The MENA-wide sentiment (as per 67 percent respondents) is that remuneration and compensation are not keeping pace with the cost of living, with a majority of respondents (40 percent) stating dissatisfaction with their current job and career prospects along with chances for growth (39 percent).
