While the UAE’s economy and job opportunities are expected to grow in the coming six months, residents are still concerned about the rising cost of living, a report said.
About 24 per cent of respondents in the UAE consider their personal financial situation to have improved in the last six months, added the latest Bayt.com Mena Consumer Confidence Index survey, conducted by Bayt.com, the Middle East’s number one job site, and leading market research agency, YouGov.
While 45 per cent stated that their personal financial situation remained the same, 50 per cent expect it will get better in the next six months, the study found.
Despite this, 81 per cent believe that the cost of living will rise in the UAE within the same time period. Half of UAE respondents (50 per cent) state that their savings have decreased in comparison to last year.
In terms of purchases, over a third (37 per cent) of UAE respondents are planning to invest in a vehicle in the coming year, with 46 per cent planning to purchase a new vehicle for personal use – however, 45 per cent are planning to buy second-hand.
A sizeable 30 per cent are planning in investing in property, with apartments (46 per cent) being the investment of choice. Over half (56 per cent) plan to purchase a new property, while 31 per cent plan to buy a pre-owned property. In terms of smaller purchases, UAE respondents plan to buy desktop or laptop computers (26 per cent), furniture (22 per cent), and LCD or plasma televisions (16 per cent) in the next 6 months, the report said.