Qatar has recorded a small fall of 8.9 points in consumer confidence, compared to an improvement registered in the last survey conducted in November by Bayt.com and YouGov.
However, job seekers are still optimistic about future with more than 30% of the country’s respondents feeling that business conditions and the country’s economy would improve next year, said a new survey.
The trend of falling consumer confidence was felt across the Gulf and Levant countries. The Consumer Confidence Index (CCI) is a measure of consumer expectations and satisfaction of various elements of the economy including inflation, job opportunities and the cost of living.
On personal financial situation, the survey said, “Almost a third of all respondents in Qatar (29%) felt that they were better off than last year, indicating that the financial environment isn’t negatively affecting everyone in the country.”
On consumer expectations and the level of optimism towards the future, it said Qatar’s index dropped 9.5 points. “Qatar’s respondents were among the most optimistic in the Gulf, with 30% believing things would get better within their country’s economy,” it added.
The respondents were also optimistic when asked whether or not they felt their personal financial position and that of their family would be better in a year’s time.
In Qatar, respondents were again markedly optimistic on the future of their personal finances, with 40% saying things would be better, just 10% stating things would be worse and 28% believing the status quo would prevail.
In terms of the propensity to consume, Qatar recorded a mere 0.1 point drop.
Asked about the local job market and their attitudes towards availability of jobs and salary satisfaction, a significant contributor to the CCI, the survey said Qatar was the least affected in the Gulf, but still registered a fall of 13 points.
“Interestingly, 29% of respondents in Qatar said their salary had increased similarly to the rising cost of living, while at the other end of the spectrum, just over half of respondents in Qatar, 56%, believed salaries had not kept pace. It suggests that Qatar is not quite as badly affected as other markets at this time,” said Bayt.com regional manager Amer Zureikat.
The CCI survey also revealed that respondents felt that salary increases had not kept pace with the cost of living with an overwhelming 64% saying that the rise was not in line.
On the job availability, the survey found that in Qatar, 23% believe job availability will be better by next year.