MasterCard index reveals new high while Kuwait overtakes Qatar to be most confident in region
Consumer confidence in the UAE is at its highest ever level, according to a survey by MasterCard.
The latest MasterCard Index of Consumer Confidence ranked the UAE with a score of 94.7, with its consumers "extremely optimistic" about all five indicators measured in the index.
When compared to the previous edition of the survey released six months ago, consumers are more optimistic about the economy (96.8 compared to 94.6), employment (96.1 vs 95.2), regular income (93.1 vs 84.7) and the stock market (92.8 vs 86.9).
It also showed that consumers remain very optimistic about quality of life (94.5 vs 95.6), despite a slight decrease in its score when compared to the previous edition of the index.
The latest findings also indicate that female respondents are more optimistic than male respondents about the coming months (95.4 vs 93.9), and that consumers over the age of 30 years (95.4) are more optimistic than younger respondents (92.2).
Eyad Al-Kourdi, UAE country manager, MasterCard, said: “Over the past few years, the UAE has firmly positioned itself as an attractive global destination where business, leisure and cosmopolitan living merge.
"Confidence among UAE consumers has largely been upwards and today we are delighted to announce that it has reached its all-time high.
"Its visionary leadership and ambitious plans as well as the promising growth in the key sectors such as tourism, logistics and aviation, and the rising asset valuations have inspired confidence among the country’s residents and we are equally positive in our outlook for the future."
The MasterCard survey showed that across the Middle East, consumer confidence levels remain very optimistic with positive scores for all five indicators, despite slight declines when compared to the previous edition of the index.
Regionally, consumers are most optimistic about regular income (81.2 vs 85.1), employment (79.9 vs 80.8), economy (79.3 vs 80.0), quality of life (76.7 vs 79.9) and stock market (75.2 vs 79.9).
The Middle East’s aggregate score of 78.5 remains higher than that of Asia/Pacific (63.3) and Africa (78.1).
In the Middle East, Kuwait (96.8) overtook Qatar (96.4) as the market with the highest level of consumer confidence, followed by the UAE (94.7), Saudi Arabia (93.3), Oman (87.1), Egypt (54.1) and Lebanon (26.9).
The MasterCard Index of Consumer Confidence is based on a survey conducted between April and May on 12,205 respondents in 27 countries within Asia/Pacific, Middle East and Africa.