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Tue 12 Mar 2013 03:48 PM

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Consumer confidence in UAE rises in 2013 - report

During 1H2013, Mastercard’s Consumer Confidence Index for the Gulf state rose to 91.4

Consumer confidence in UAE rises in 2013 - report
Confidence among consumers in the UAE rose during the first few months of 2013

Confidence among consumers in the UAE rose during the first few months of 2013, according to a report by payments firm Mastercard.

During 1H2013, the company’s Consumer Confidence Index for the Gulf state rose to 91.4 compared to 86.0 when the index was last released six months ago.

The report is based on asking respondents five questions on their opinion of the six-month economic outlook, employment prospects, quality of life and stock markets performance. Responses are turned into a numeric index, with 100 representing the highest level of optimism and zero the lowest.

“Consumer confidence levels in the UAE have been steadily increasing in our most recent indices, reflecting a positive outlook for key sectors and confidence in the UAE’s plans and vision for the coming years,” said Eyad Al-Kourdi, UAE country manager, Mastercard.

In recent months, the UAE’s three stock markets have risen to multi-year highs, while a multitude of new megaprojects reminiscent of the Gulf state’s boom years, such as the mixed development Mohammed bin Rashid City in Dubai, have been announced.

The latest edition of the Mastercard index found that consumers are most optimistic about quality of life (95.6, up from 88.6); employment (95.2, up from 88.9); the economy (94.6, up from 89.1); and stock markets (86.9, up from 77.0).

The only slight decrease in the index was measured in confidence in regular income, which slipped to 84.7 from 86.2 six months ago.

Female respondents and male respondents to the survey were equally positive about the coming months (both 91.4), but consumers under the age of 30 years old are more optimistic (94.6) compared to older respondents (90.4).

Elsewhere in the region, consumer confidence remains high in Qatar, with a score of 96.5. The resource-rich state is followed by Kuwait (95.8), Oman (95.6), Saudi Arabia (95.2) the UAE (91.4), Egypt (66.6) and Lebanon, which scored lowest with 26.8.

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