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UAE residents positive about personal finances

United Arab Emirates: Monday, September 16 - 2013 @ 00:00

The latest MENA Consumer Confidence Index (CCI) survey indicates that 57 % of UAE residents anticipate their personal finances will improve within the next six months.

Seven out of ten (72 %) UAE respondents state that their personal financial situation is now either the same as, or worse than it was six months ago, with just 22 % claiming it has improved. Only
16 % claim that their savings have increased in the past year, compared to 49 % whose savings have decreased.

The majority (57 %) expects their personal financial position to improve in the coming six months, although 73 % also believe that the cost of living will increase within the same period.

The report also reveals that in the next 12 months, 46 % of UAE respondents do not plan to buy a vehicle, while the 42 % who do intend to purchase will look for a used vehicle (49 %), compared to 45 % who will buy new. One quarter (24 %) are looking to buy property within the coming year, with 46 % of these looking for an apartment and 57 % of respondents preferring new properties.

Elsewhere in MENA

The survey, conducted by Bayt.com, shows that almost one fifth (19 %) of the region’s respondents say that their financial situation has improved compared to six months ago, with the majority (43 %) claiming that it has remained unchanged and 29 % claiming it has become worse. Half of those surveyed (52 %) state that their savings have decreased in comparison to last year.

Expectations for the future are positive, with nearly half of respondents (46 %) anticipating their personal financial situation to improve. However, somewhat contrary to this, is that 71 % predict that the cost of living in their country of residence will increase over six months.

In terms of making major purchases, the majority of respondents in all countries surveyed, with the exception of Oman, do not expect to buy a vehicle in the coming 12 months. For those who will be looking to purchase a vehicle, 48 % will buy a used one, compared to 45 % who will buy new.

When it comes to property, 63 % of the Mena region’s respondents – the overall majority in every country covered by the survey – will not be buying in the next 12 months. For the minority that are considering buying, new properties are more desirable than pre-owned (56 % versus 28 %), while 50 % of respondents want to buy an apartment as opposed to a villa (21 %). A fifth (19 %) will be looking for a commercial property.

Three out of 10 (28 %) respondents are planning to purchase a desktop or laptop computer in the next six months. Other popular purchases are anticipated to be furniture (20 %) and LCD or plasma televisions (18 %).

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Monday, September 16- 2013 @ 0:00 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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