71% of Lebanese expect a deterioration in their financial conditions while 52% anticipated an increase in salaries

Significant contradiction in the figures was revealed by the results of two surveys on the aspirations of the Lebanese, which raise serious questions about their usefulness. In this context, Byblos Bank Groups published and in cooperation with Suleiman Al Oleyan School of Business at the American University of Beirut, the Consumer Confidence Index in Lebanon CCI results for the first quarter of 2016. The results showed a slight improvement by 5.7% in January against a 1.3% and 10% decline in February and March, 2016, recording the biggest monthly degeneration rate since September 2015. According to the CCI report, the monthly index reached nearly 35.9% in the first quarter of 2016, registering a 2.6% fall from 36.9 points in the fourth quarter of the year 2015. The deterioration was reflected in responses of Lebanese consumers who were targeted in the survey. While 77.3% of respondents considered their financial status to be worse than it was in the past six months, some 19.2% said it remained the same against 3.5% who maintained that their fiscal conditions have relatively improved, while 71% expect their financial conditions to deteriorate. Results also indicated that females possessed a higher confidence as compared to males, and that students recorded a higher confidence against private sector employees, self-employed professionals, housewives, state employees and jobless persons. 

Meanwhile, a new survey conducted by Bayt.com recruitment portal in coordination with YouGov Group for Market Research and Public Consultation on the salaries in the MENA region in the first quarter of 2016, has shown the following results: 56% of the Lebanese believe their salaries are below the average in their sector against 52% who anticipated an increase in their salaries by the end of 2016. Regarding the rise in the cost of living in Lebanon, 46% of the Lebanese confirmed a raise in the rent of houses, 67%  in food prices, and 42% in the price of services. This, they maintained, has led to a weakness in their savings ability. About 43% of respondents said they had zero savings from their salaries. (Al Mustaqbal, Al Diyar, Al Hayat, May 17, 2016)