Cost of living expected to increase in Qatar: Survey

Emirates Business

Majority of respondents in Qatar (nearly 60 percent) expect business conditions to improve in the next year, while 43 percent expect the country’s overall economy to improve in the near future, according to a latest survey. When it comes to the cost of living in the next six months, 71 percent of respondents expect it to increase, while 16 percent expect the cost of living ‘to remain the same’.
The survey, conducted for ‘Middle East and North Africa Consumer Confidence Index’ by Bayt.com and YouGov, highlights the country’s overall economic outlook. It says that 30 percent of Qatar respondents believe that business conditions are either ‘good’ or ‘very good’, while 14 percent believe that business conditions are ‘bad’. Some 18 percent of Qatar respondents believe that the country’s economy has ‘improved’ in the last six months, while 47 percent believe that it has ‘receded’. However, 43 percent of respondents expect the country’s economy to ‘improve’ in the next six months, outnumbering the 24 percent who expect it to ‘get worse’.
According to 43 percent of poll respondents in Qatar, their financial situation is the ‘same as it was six months ago’ (28 percent say it is ‘better’ now, while 19 percent claim that it is ‘worse’). The outlook is positive though: almost half of respondents (48 percent) believe that their personal financial situation will ‘improve’ in the next six months.
About 45 percent of Qatar respondents say that their savings have ‘decreased’ when compared to last year. 18 percent of respondents claim that their savings have ‘increased’, while three in 10 respondents (31 percent) reveal that their savings have ‘remained the same’.
As far as consumer spending is concerned, 29 percent are planning to invest in a motor vehicle in the next 12 months. Of those, 28 percent are planning to buy a new vehicle, while 57 percent are planning to buy a used one. 58 percent of Qatar respondents are not planning on purchasing a vehicle. When it comes to investing in property, 24 percent of respondents in Qatar are planning to invest in the next 12 months. Of those who are planning to buy property, 46 percent will invest in an ‘apartment’, while 31 percent plan to buy a ‘villa/townhouse/bungalow’ and 23 percent will purchase ‘commercial property’. More than half (51 percent) of the respondents who are planning to invest in property in Qatar plan to buy new property in the next 12 months, while 26 percent say they will invest in pre-owned property. Regarding consumer goods, 27 percent of Qatar residents plan to purchase a ‘tablet or smartphone’ in the next six months, while almost a quarter (24 percent) will invest in a ‘desktop or laptop’. 21 percent are planning to buy ‘furniture’ over the same period. An ‘LCD or Plasma TV’ (15 percent), air conditioner (11 percent) and washing machine (9 percent) are also among the respondents’ list of priorities this year.