DOHA: There is a marginal 1.5 percent rise in the number of households in Qatar who are expecting to buy a new vehicle in the future, according to the latest Consumer Confidence Index (CCI, March, 2014), released by the Ministry of Development Planning and Statistics.
The results of the survey conducted in March indicate a small increase in consumers who think that the time is suitable for a new vehicle purchase over the next 12 months with 13.5 percent compared to 12 percent in December.
A large percentage of respondents expressed their desire to buy new cars because their families either need more than one car or they need to replace old cars with newer cars.
They expect salary increases and feel bank loans are easy to get. About 55 percent of consumers surveyed in March expressed that the time is not suitable, compared with 47.2 percent in December, given the high prices of cars in Qatar compared to other GCC countries.
Others indicated that they have a new vehicle, or at least their vehicle meets the household requirements. Therefore, there is no need for them to buy a vehicle.
The CCI for the month of March reached 116.9, an increase of 2.6 percent compared to the same month in 2013.
According to data issued by the Central Bank of Qatar real estate prices index increased during the first quarter of 2014 compared to the fourth quarter of 2013 and the data indicate that the value of the index reached 209.4 points in March, a rise of 19.6 points compared with December at 189.8 points.
Prices witnessed a rise in all sections of the consumer basket except for the Miscellaneous Goods and Services section. The rent, fuel and energy section showed the largest increase at 5.7 percent, followed by furniture and textiles section at 3.8 percent and then by clothing and footwear at 3.5 percent.
The Peninsula
