A majority of respondents to a survey in Qatar say they expect the cost of living to keep rising in the country.
Half the surveyed, though, say they hope their financial position to improve over the next six months. But more than a third (40 percent) of respondents have claimed that their savings have decreased as compared to last year. The survey shows that Qatar’s job market is filled with opportunities as some 61 percent of respondents said there are plenty of jobs available across industries.
These are the findings of the latest Bayt.com Middle East and North Africa Consumer Confidence Index survey, conducted by Bayt.com
Bayt.com, a job site, and market research agency, YouGov, both Dubai-based, have conducted the survey.
It shows that while almost half of Qatar respondents believe that their financial position will improve in the next six months, a majority (69%) are also expecting the cost of living to rise.
Some 29 percent of respondents in Qatar consider their personal financial situation to have improved in the last six months, while 37 percent claim that it has remained the same, and another 23 percent believe that it has become worse.
However, 49 percent of respondents expect their financial position to get better in the next six months.
A majority 87% believe that the cost of living will increase or remain the same in Qatar within the same time period. Interestingly, 41% of Qatar respondents revealed that their savings have decreased in comparison to last year.
In terms of purchases, almost half (49%) of Qatar respondents are hoping to buy a new car in the coming year, with 42% planning to purchase a brand new vehicle, and 44% looking to buy second-hand. More than one-third (37%) of Qatar respondents are planning to invest in property, with apartments (43%) being the investment of choice, followed by villas/townhouses/bungalows (29%), and commercial properties (20%). 55% are keen on buying a new property, while 27% intend to buy a pre-owned property. In terms of smaller purchases, Qatar respondents are looking to purchase desktop or laptop computers (30%), furniture (23%), and LCD or plasma televisions (14%). Overall, 38% of respondents believe that the Qatar economy has improved in the last six months, while 33% claim that it has remained the same. A notable 58% expect things to get better in the next half a year.
Furthermore, 45% believe that present business conditions are either very good or good; a remarkable 65% expect business conditions to improve in a year’s time. In Qatar, jobs are considered to be plentiful according to 61% of respondents, and 59% expect a surge in the number of job opportunities in Qatar in the next six months.
According to 45% of Qatar respondents, their companies have grown in terms of the number of employees in the last six months. Still, 21% state that their companies have fewer people now. 48% 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. Qatar professionals are generally happy with their career growth opportunities (41%), compensation (30%), non-monetary benefits (45%), and job security (49%).
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.”
Data for the YouGov and Bayt.com Middle East and North Africa Consumer Confidence Index Survey for January 2015 was collected online from January 19-31, 2015, with the participation of 4,263 respondents aged 18 years and above. Respondents were from the UAE, KSA, Kuwait, Oman, Qatar, Bahrain, Lebanon, Syria, Jordan, Egypt, Morocco, Algeria, and Tunisia, according to a release.
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