Consumers in Dubai see their personal financial situation improving with brighter job prospects ahead, according to the latest quarterly consumer confidence survey conducted by the Department of Economic Development (DED) in Dubai.
Overall, its consumer confidence index increased by four points during the first quarter of 2014 to reach 143 points, building on a steady upswing seen in recent months.
While job security and increasing utility bills remain major concerns, 92 percent of respondents said they are optimistic on the job situation and 91 percent on their personal finance over the next 12 months.
The state of the economy in Dubai was also rated as good or excellent by 91 percent of the survey respondents with increase in rental/property prices and the tourism boom chiefly driving positive perceptions.
The percentage of consumers who believe that the state of Dubai's economy will improve in the next 12 months rose to 95 percent from 93 percent recorded in the final quarter of 2013.
The percentage of people who believe that Dubai economy is under the impact of recession fell to just 14 percent in Q1 from 24 percent in Q4 2013.
Consumer perception on the current job scenario showed an improvement in Q1 as 79 percent rated job prospects as excellent or good compared to 75 percent in the previous quarter.
The percentage of consumers who said they see better job prospects in the next 12 months remained consistent at 92 percent with 37 percent seeing excellent prospects and 55 percent rating them good.
The survey also showed growing confidence in personal finance with nearly two-thirds of consumers feeling it is now a good time to buy things they need or want.
The consumer confidence index is based on responses to three questions regarding perceptions of local job prospects, personal finances and whether it is good to buy things that people need and want, all over the next 12 months.
Conducted in each quarter, the survey gathers feedback from 2,000 respondents from across Dubai and including nationals and expatriates.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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