Consumer confidence rises in UAE - survey

Consumer confidence in the UAE has risen for the second time this year, according to the latest quarterly survey.

Just under half, 45 percent, of respondents to the Consumer Confidence Index were optimistic about their future finances, saying they would be in a better position in a year’s time.

The poll by research firm YouGov, commissioned by the jobs website Bayt.com, found that across the Middle East generally, consumer confidence improved.

The biggest increase in confidence was in Kuwait, which moved 10 points up the index, followed by the UAE, with a rise of 9.3 points, the survey found.

The index is a measure of consumer expectations and satisfaction of the economy, including inflation, job opportunities and the cost of living.

According to the results, people in Qatar were most confident about their personal finances, with 35 percent of respondents saying they felt they were in a better position now than last year.

In the UAE 21 percent of people said they thought they were currently better off, while 40 percent said they were worse off – the highest figure for all countries surveyed.

“While we are not seeing massive jumps up the index, the data shows that there are steady improvements, which reflects what is being reported and felt in economies around the region – namely that things are starting to pick up,” said Amer Zureikat, Bayt.com’s regional manager.

The survey found that people in the UAE were spending more on consumer goods than other countries in the region.

The emirates’ rating in the propensity to consume index rose 13.2 points, the largest rise out of all other countries surveyed, the firms said in a joint statement on Sunday.

Kuwait and Qatar showed the next biggest improvements of 11.1 and 9.4 points respectively.

Meanwhile, the companies’ Employee Confidence Index showed that across the Middle East, with the exception of Lebanon and Algeria, people thought the jobs market was improving.

“This data, coupled with ongoing news reports of the global economic downturn coming to an end, suggest that conditions are already better for employees,” said Joanna Longworth, chief marketing officer, YouGov.

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