Al-Khereiji: Collective action in combating terrorism is a must for achieving stability and prosperity    SFDA Chief visits premier biotechnology and medical firms in China    Saudi Awwal Bank becomes the Kingdom's first bank obtaining ISO certification for quality management system in operations    2- month jail and SR40000 in fine for woman citizen convicted of commercial cover-up    10 cooperation agreements signed during Saudi-Turkish Business Forum in Istanbul    Saudi Arabia's non-oil revenues grow 6% in 9 months while Q3 budget posts SR30 billion deficit    Spanish flood rescuers focus search on underground car parks    Quincy Jones, titan of US music, dies aged 91    Slavery reparations not about transfer of cash, says UK's Lammy    Pro-EU leader claims Moldova victory despite alleged Russian meddling    Domestic violence should not be taboo subject, says Queen Camilla    Enhancing zakat, tax, and customs compliance takes center stage at the Zakat, Tax, and Customs Conference 2024    Neymar expected to join Al Hilal squad for AFC clash against Esteghlal, says coach Jesus    Al Qadsiah secure 2-0 victory over Al Ettifaq in first Eastern Derby since 2021    Riyad Mahrez admits he's no longer the dribbler he once was    Al-Ahli coach Jaissle understands fans' frustration, vows to improve team's performance    MBC Group announces sale of Istedamah's 54% stake to Public Investment Fund for SR7.4 billion    Hidden sugars in Asia's baby food spark concerns    HONOR unveils pre-order of the stunning HONOR MagicBook Art 14 Featuring an ultra-slim design, HONOR Eye Comfort Display and AI Cross-OS WorkStation    Teri Garr, Young Frankenstein and Tootsie star, dies at 79    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Consumers in Saudi Arabia most optimistic about personal finance
Published in The Saudi Gazette on 22 - 08 - 2012

RIYADH – Expectations for the year to come are high across the Middle East and North Africa (MENA) region, the latest Middle East and North Africa Consumer Confidence Index Survey, conducted by Bayt.com, the Middle East's number one job site, and YouGov, a research and consulting organization, revealed.
In a copy of the survey send to the Saudi Gazette Tuesday, it noted that in Saudi Arabia, respondents forecast a better financial climate and economy, with improved business conditions and more jobs available.
Respondents from Saudi Arabia feel that their current personal financial situation has mostly improved (38 percent). Feelings toward the country's economy are mostly neutral (33 percent), and it is considered to be a neutral time to buy according to 42 percent. Contrary to this, 40 percent of respondents state that business conditions are positive, and 34 percent state that there are “plenty” of jobs available.
While 44 percent of respondents in the Kingdom believe that there are more employees in their company now than there were at this time last year; 46 percent claim that there are the same or fewer. The majority (56 percent) state that their salary has not kept pace with the cost of living.
For the year to come, expectations are high, as ever. More than half (60 percent) believe that their personal financial situation will improve. Also expected to improve are the country's economy (49 percent), business conditions (54 percent) and employment conditions, with 40 percent stating there will be more jobs available.
Job satisfaction in Saudi Arabia is considered to be mostly neutral to low, with only 21 percent believing that the career prospects in their current job are high, while 31 percent state that the opportunities for career growth are low. The majority (63 percent) claim neutral to low satisfaction with their job security, and almost half (45 percent) are unhappy with their current compensation.
Over 36 percent of respondents in the Kingdom anticipate no change in the number of employees at their current company in the coming three months, with 39 percent being “neutral” with the prospect of keeping up with staffing requirements.
Respondents anticipate a mostly neutral-to-negative impact vis-a-vis the cost of living (according to 59 percent). They also believe that accommodation costs will rise (stated by 33 percent).
In the next 12 months, 38 percent of respondents in the Kingdom are considering purchasing a vehicle; of these, 57 percent will buy new. Within the same timeframe, 27 percent will consider buying property, 66 percent of whom will purchase a new property.
The three most popular consumer purchases for the next six months will be furniture (27 percent); desktop or laptop computers (26 percent) and LCD or plasma televisions (22 percent).
In general across the MENA region, feelings for respondents' personal situations at the present time are neutral. Only 28 percent claim that their financial situation is better than last year, compared to 65 percent who state that it has either remained the same or declined. National economies are considered to be worse than last year, according to 33 percent of respondents. Consumer behavior (41 percent of respondents say that now is a “bad time to buy” is likely impacting business conditions which are neutral to bad, as stated by 65 percent.
In terms of employment, almost half of the respondents (49 percent) claim that there are “very few jobs available”. Six out of 10 say that their company has either the same or fewer employees than this time 12 months ago, and two thirds (65 percent) believe that their salaries have not kept pace with the cost of living.
However, respondents appear to be optimistic for the upcoming year. The majority believe that their personal financial situation (51 percent), country's economy (44 percent), business conditions (49 percent) and employment conditions (35 percent) will improve.
“Retaining a positive outlook for the year to come will be pivotal to the region's success. Conditions may not be considered to be entirely favorable at the present time, but there are plenty of signs that the months to come will prove beneficial for all,” said Suhail Masri, Vice President of Sales, Bayt.com. “Bayt.com gathers vital information from pertinent cross-sections of MENA society, to provide in-depth insights into the feelings, behavior and trends happening in recruitment and business around the region.”
Satisfaction with career prospects in the region at present is low, according to 39 percent of respondents, while 38 percent state that it is “neutral”. Three quarters of respondents (74 percent) also claim that the prospect for career growth in their current organization is neutral to low.
Job security is seen to be an issue by 67 percent, with only one in four (27 percent) claiming their job security is “high”, and satisfaction with compensation is neutral to low, according to 84 percent.
With regards to employment, 24 percent of companies expect to increase employees in the coming three months. A further 61 percent are either neutral or pessimistic about growth potential vis-a-vis the number of employees in their organization. The sentiment toward keeping up with staffing requirements is neutral, according to four out of ten respondents (37 percent), however 19 percent cite optimism.
The outlook for inflation is negative, with 38 percent believing there will be a rise in the cost of living. Similarly, 36 percent believe the cost of real estate is still creating a feeling of negativity across the region.
In the next 12 months 29 percent of respondents are planning to purchase a vehicle. Of these, 51 percent will buy new. Moreover, one in five (21 percent) are considering investing in property, with 65 percent of them planning to buy new.
The five most popular consumer purchases in the next six months will be desktop or laptop computers (25 percent); furniture (20 percent); LCD or plasma television (18 percent); air conditioners (16 percent) and digital cameras (13 percent).
“Consumer habits have remained somewhat stable in the past year, with the same five product categories continually topping the list. Computers are always a favorite purchase across the board, and technology in general seems to consistently be the best-selling consumer goods category,” said Sundip Chahal, CEO, YouGov. – SG/QJM


Clic here to read the story from its source.