Muscat: Even though majority of Oman residents are positive that their personal financial situation will improve in the next six months, nearly 67 per cent expect the cost of living to increase in the same time span.
In a survey conducted by Bayt.com, 57 per cent expect their personal financial position to improve in the six months to come. Sixty-one per cent Oman respondents stated that their personal financial situation is now either the same as, or worse than, it was six months ago, with 29 per cent claiming it has improved. Only 26 per cent claim that their savings have increased in the last year, compared to 31 per cent whose savings have decreased.
The latest Middle East and North Africa (MENA) Consumer Confidence Index (CCI) Survey, conducted by Bayt.com, the Middle East's number one job site, and YouGov, a research and consulting organisation, shows that in the next 12 months, 38 per cent of Oman respondents do not plan to buy a vehicle, while 48 per cent who intend to purchase will look for a new vehicle (52 per cent, compared to 45 per cent who will buy a used one).
Thirty-nine per cent respondents are looking to buy property within the coming year, with 35 per cent of these will be looking for a villa, and 73 per cent of respondents will prefer new properties.
Consumers are looking to predominantly buy desktop or laptop computers (27 per cent), furniture (26 per cent), and LCD or plasma televisions (21 per cent in the coming six months.
Further, the research note states that 43 per cent respondents believe that Oman's economy has improved in the last six months, while 11per cent stated that it has receded. Sixty-one anticipate better things to happen in the next six months. Business conditions in Oman are believed to be 'good' (36 per cent) or 'very good' (13 per cent), with 40 per cent stating that they are 'average', while 69 per cent of respondents anticipate them to improve in a year's time.
In terms of employment opportunities, 24 per cent of Oman respondents state that 'there are plenty of jobs available across various industries', and 25 per cent believe that 'there are plenty of jobs available across few industries'. Half of all Oman respondents expect an increase in jobs in Oman in the next six months, while 24 per cent expect the situation to remain the same.
Half of respondents in Oman stated that their companies have grown, employee-wise, in the last six months, while 14 per cent say that there has been a decrease in the number of people working with them. The majority (60 per cent) expect the number of employees to increase in the coming six months.
On the other hand, survey respondents across the region (71 per cent) also anticipate a rise in the cost of living in their countries in the next six months. Almost 19 per cent of the region's respondents stated that their financial situation has improved compared to what it was six months ago, with 43 per cent claiming that it has remained unchanged.