Majority of residents are positive about UAE economy and plan to invest in new vehicles and gadgets and stay in their jobs even as they expect their personal financial status to improve in the next 12 months.
While they regard the economy to be neutral, a considerable percentage of those who participated in a survey believe career prospects in their current job are high.
According to the latest Middle East and North Africa Consumer Confidence Index Survey, conducted by Bayt.com, a leading Middle East job site, and ouGov, a research and consulting organisation, 16 per cent believe that creer prospects in their current job are high, while 43 per cent state that the opportunities for career growth are low.
The majority (75 per cent) claim neutral to low satisfaction with their job security, and half (50 per cent) are unhappy with their current compensation.
The majority (68 per cent) state that their salary has not kept pace with he cost of living.
While a third (30 per cent) of UAE respondents believe that there are more employees in their company now than there were at this time last year; 34 per cent claim that there are fewer.
When it comes to job availability, 80 per cent state that there are ‘not many’ or ‘very few’ jobs available. For the year to come, however, expectations are high. More than half (52 per cent) believe that their personal financial situation will improve.
Also expected to improve are the country’s economy (45 per cent), business conditions (49 per cent) .
But expectations for employment possibilities remain relatively low, with only 35 per cent expecting employment conditions to improve. Over 23 per centof UAE respondents anticipate a growth in the number of employees at their current company in the coming three months, with 38 per cent being ‘neutral’ with the prospect of keeping up with staffing requirements.
Respondents anticipate a mostly negative impact vis-a-vis the cost of living (according to 35 per cent); they also believe that accommodation costs will rise (stated by 33 per cent).
Reflecting employment satisfaction are the sentiments of the personal financial situation. Similarly to the rest of the region, respondents from the UAE feel that their current personal financial situation has either remained the same (36 per cent) or become worse (31 per cent).
Feelings towards the country’s economy are mostly neutral (36 per cent, and it is considered to be a neutral time to buy according to 50 per cent. In line with this, 74 per cent of respondents state that business conditions are neutral to bad.
In the next 12 months, 27 per cent of UAE respondents are considering purchasing a vehicle; of these, 49 per cent will buy new. Within the same time frame, 19 per cent will consider buying property, 66 per cent of whom will purchase a new property.
The three most popular consumer purchases for the next six months will be desktop or laptop computers (24 per cent); furniture (20 per cent) and LCD or plasma televisions (17 per cent).