Only 8% highly satisfied with salaries in UAE
Only eight per cent of UAE respondents to a regional survey said they were highly satisfied with their current wage - among the lowest rates in the region, reflecting the level of dissatisfaction among the region's growing workforce.
According to the second Consumer Confidence Index (CCI) conducted by employment website Bayt.com and market researcher YouGov Siraj, 63 per cent of UAE respondents felt that wages have not kept pace with the cost of living.
In comparison, 14 per cent of people in Qatar and 13 per cent in Saudi Arabia expressed high satisfaction with their current salaries.
"These figures, while not particularly encouraging, are still extremely valuable," said Rabea Ataya, CEO, Bayt.com.
"Knowing that consumers feel their wages aren't keeping up with prices allows people who have an influence in these matters to work to set things straight," Ataya added.
Divided response
In general, respondents to the survey were divided about the region's economic prospects based on their nationality.
Asians have the highest levels of confidence, with 68 per cent upbeat about their personal financial prospects and 63 per cent saying they expected economic improvements in their resident countries in the year ahead.
Some 62 per cent of GCC nationals felt a similar optimism, while only 44 per cent of Westerners predicted a good year ahead for their resident countries.
Just over half of UAE respondents said they felt upbeat about their country's economic prospects, a figure that reached a low of 27 per cent in Lebanon and a high of 59 per cent in Qatar.
According to the results, consumer spending in the UAE economy is at a high. The Propensity to Consume Index for the UAE registered a robust 103.6 for the UAE in July versus the 100 benchmark in April's survey.
The survey links this trend to increased tourism during the summer months and the inclination of residents to take advantage of seasonal special offers such as Dubai Summer Surprises promotions.
"People in the UAE are taking advantage of seasonal offers, but we see similar increases in anticipated spending across all countries," said Ataya.
Implications
"The implications of this upward trend are significant. Consumer confidence doesn't only reflect current economic conditions but fuels future growth."
The rise in consumer confidence is driven in part by perceptions that job opportunities will be healthy in the year ahead, Ataya suggested.
Across the region, 69 per cent of respondents thought that employment availability will remain at current rates or improve. In Qatar, that figure rose to 84 per cent, while in the UAE and Saudi Arabia it was 73 and 76 per cent respectively.
By salary, people in the $5,001-to-$6,000 per month bracket were among the least positive about their current situations, with only 42 per cent expressing satisfaction, but the most confident about the future, with 71 per cent saying they saw better things ahead.Source
According to the second Consumer Confidence Index (CCI) conducted by employment website Bayt.com and market researcher YouGov Siraj, 63 per cent of UAE respondents felt that wages have not kept pace with the cost of living.
In comparison, 14 per cent of people in Qatar and 13 per cent in Saudi Arabia expressed high satisfaction with their current salaries.
"These figures, while not particularly encouraging, are still extremely valuable," said Rabea Ataya, CEO, Bayt.com.
"Knowing that consumers feel their wages aren't keeping up with prices allows people who have an influence in these matters to work to set things straight," Ataya added.
Divided response
In general, respondents to the survey were divided about the region's economic prospects based on their nationality.
Asians have the highest levels of confidence, with 68 per cent upbeat about their personal financial prospects and 63 per cent saying they expected economic improvements in their resident countries in the year ahead.
Some 62 per cent of GCC nationals felt a similar optimism, while only 44 per cent of Westerners predicted a good year ahead for their resident countries.
Just over half of UAE respondents said they felt upbeat about their country's economic prospects, a figure that reached a low of 27 per cent in Lebanon and a high of 59 per cent in Qatar.
According to the results, consumer spending in the UAE economy is at a high. The Propensity to Consume Index for the UAE registered a robust 103.6 for the UAE in July versus the 100 benchmark in April's survey.
The survey links this trend to increased tourism during the summer months and the inclination of residents to take advantage of seasonal special offers such as Dubai Summer Surprises promotions.
"People in the UAE are taking advantage of seasonal offers, but we see similar increases in anticipated spending across all countries," said Ataya.
Implications
"The implications of this upward trend are significant. Consumer confidence doesn't only reflect current economic conditions but fuels future growth."
The rise in consumer confidence is driven in part by perceptions that job opportunities will be healthy in the year ahead, Ataya suggested.
Across the region, 69 per cent of respondents thought that employment availability will remain at current rates or improve. In Qatar, that figure rose to 84 per cent, while in the UAE and Saudi Arabia it was 73 and 76 per cent respectively.
By salary, people in the $5,001-to-$6,000 per month bracket were among the least positive about their current situations, with only 42 per cent expressing satisfaction, but the most confident about the future, with 71 per cent saying they saw better things ahead.Source
No comments:
Post a Comment