DOHA: About 44 percent of respondents to a survey in Qatar said that there has been no change in their current financial situation for the past six months, while 27 percent claim things are now better and 43 percent say that their savings have depleted in comparison to last year, according to Bayt.com and YouGov survey.
However, 57 percent believe that things will be better in the next six months. Despite this optimism, 68 percent believe that the cost of living in the country will increase in the same period.
The majority of Qatar residents (44 percent) are considering buying a personal vehicle in the next 12 months. Those who claim they are looking to make a purchase, 42 percent will choose to buy a new vehicle, while 48 percent will opt for a used one. In terms of property, only 29 percent are looking to invest; interests lie in buying new villas, townhouses or bungalows. Desktop or laptop computers (25 percent), furniture (20 percent) and LCD or plasma televisions (21 percent) will be the top purchases made in the coming six months.
And 44 percent of professionals in the Middle East and North Africa (Mena) expect their personal finances to improve in the next six months, while 55 percent of residents in the region believe business conditions will also become better.
The latest Consumer Confidence Index (CCI) Survey for the Mena region shows that residents in the region are anticipating the cost of living to increase in the coming year, although their financial positions have not improved.
In Qatar, only 27 percent of respondents claim that they are in a better position now compared to six months ago. However, Mena respondents have an optimistic outlook for the months to come, with 44 percent expecting their financial situation to improve in the next six months.
Only 18 percent of respondents across the Mena region claim that they are in a better financial position now than they were six months ago. Only 15 percent across the region say that their savings have increased in the last year, with 25 percent saying they have remained the same. However, hope for the future is high, with 44 percent expecting their financial situation to improve in the next six months.
Conversely, 78 percent believe that the cost of living in their country will increase. Only 32 percent will look to buy a vehicle in the next 12 months (of which the majority (48 percent) will opt for a used vehicle), and only 20 percent are looking to buy property within the same time frame.
The Peninsula
