CAIRO - Consumer confidence in Egypt has shown a slight rise, a according to a recent survey. The Consumer Confidence Index (CCI), a quarterly survey conducted by the Middle East's job site Bayt.com in conjunction with research specialists YouGov Siraj, found Egypt has increased by 0.4 points since last September. Meanwhile, Bahrain and Qatar saw impressive increases of 10.4 and 9.4 points respectively. However, Lebanon posted the largest decrease, moving down the index by 23.1 points. Lebanon has had a particularly unstable year with extreme lows and highs recorded each quarter. In North Africa, consumer confidence in Morocco rose by 2.1 points. The CCI is a measure of consumer expectations and satisfaction of various elements of the economy including inflation, job opportunities and the cost of living. As part of the CCI, respondents were asked questions about their personal financial circumstances and how they compare to the same period last year. Overall, 34 per cent of the region's respondents say their financial position is the same as last year and just over a quarter, 28 per cent, say it has gotten better. In Egypt, 31 per cent say they are better off than last year, 31 per cent say they are in the same position as last year and 29 per cent say they are in a worse position than last year. Among the countries surveyed, 31 per cent of respondents in Qatar and Saudi Arabia say they are doing better than last year, followed by 30 per cent in Oman, 28 per cent in Kuwait and 21 per cent in Bahrain. However in Jordan, only 17 per cent felt their financial position is better than last year. "The region seems to be stabilising as we are seeing that countries seem to have the same figures each quarter with the exception of Lebanon who has suffered political instability explaining the country's highs and lows in terms of consumer confidence. This could mean that the worse of the crisis is indeed over for most of the Middle East," commented Amer Zureikat, VP Sales, Bayt.com. The largest decrease was once again seen in Lebanon, with a drop of 24.7 index points since the last quarter. Egypt recorded an increase of 0.5 points since the last quarter with Bahrain reporting the biggest increase, moving up the index by 10.9 points. On the whole, respondents are expecting to be in a better financial position this year. Overall, 49 per cent of respondents believe that their personal financial position will be better this year. By contrast, just 8 per cent of the region's respondents believe that their financial position will become worse. In Egypt, 48 per cent of respondents believe that their personal finances will be better a year from now, compared to just 7 per cent that believe they will become worse. Most optimistic that their personal financial position will be better in a year's time are respondents in Oman with 58 per cent confirming this statement. Respondents were also asked what they feel their propensity to consume is, as part of the Propensity to Consume Index (PCI). Once again Egypt moved down this index by 1.0 points compared to the previous quarter. Qatar saw an impressive rise of 16.8 points. At the other end of the scale, Lebanon recorded the largest drop, moving down the index by an exceptional 22.8 points. Asked whether they would invest in property, the respondents largely agree that they will not. The trend continues from the previous quarter with a majority of respondents (64%) stating they are not interested in making any investment in property. Within Egypt, 65 per cent say they will not be buying any property. Of those wishing to purchase a property, 69 per cent say they are likely to opt for a new property. "Gauging consumer opinion is a powerful tool for revealing the current attitudes and sentiments about the business and economic conditions in a specific country and to see how these change overtime," commented Sundip Chahal, Chief Operating Officer of YouGov Siraj. Egypt saw a rise of 1.9 index points versus the previous quarter on this measure. Showing the biggest decrease is once again Lebanon, which moved down the index by 13.3 points. The most impressive rise was recorded once again by Bahrain which moved up 9.3 points. When asked whether they believe more jobs will be available in a yearís time, respondents are roughly divided: 26% say more will be available, 27 per cent say the job situation will remain the same and 30% say the availability of jobs will be worse. In Egypt, only 20 pee cent believe the availability of jobs will get better while 36% of respondents believe the availability of jobs will become worse. In terms of salaries and whether they have kept pace with the cost of living, as in the previous wave, the majority feel that they have not kept pace with the cost of living, with 63% agreeing that there is a disparity, while just 19% agree they have increased inline with the cost of living, and 5% say they have increased more than the cost of living.
