Consumers in Dubai remain confident about their personal finances and job prospects in the coming months, according to the quarterly consumer confidence survey of Dubai Economy.
The Consumer Confidence Index (CCI) score in Dubai for the July to September period reached 137, indicating a high level of optimism and brighter outlook.
The survey showed that 84 percent of Emaratis were optimistic about jobs in the third quarter while among expatriates, 13 percent saw the situation as “excellent” and 56 percent termed it “good”.
Job prospects for the next 12 months were “excellent” for 52 percent of Emiratis and 32 percent of expats, while 43 percent of the expats termed them “good”.
In general, the chances of finding a job were “excellent” for 38 percent, and “good” for 42 percent, matching perceptions shared in Q2, the survey said.
However, the poll also showed that insufficient work opportunities and no salary increase were among the main reasons for negative feeling on the local economy.
Job security was the main concern in Q3 followed by work/life balance as well as increase in utility bills and the rising cost of fuel, education, healthcare, and food items.
Mohammed Ali Rashed Lootah, CEO of the Commercial Compliance & Consumer Protection (CCCP) sector, said that the Q3 survey reveals positive consumer sentiment among Emaratis and expatriates in Dubai.
“Certainly, there are factors that will boost optimism in the coming months, including the steps taken by the government to reassure people, ensure happiness among all segments of the society, and accelerate economic growth as directed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai.”
He added: “One of the most important facts revealed by the survey is that over 80 percent of consumers are optimistic about the employment situation improving in the next 12 months.”
Although positive consumer perceptions on the overall economic situation showed a marginal decline to 77 percent, the percentage rises to 78 percent for the next 12 months.
As part of keeping a close watch on their budget, 56 percent of consumers said they plan to delay technology upgrades, including spending on expensive mobile phones and gadgets.
The survey showed that confidence in personal finance is particularly higher among expatriates with 14 percent saying it as “excellent” and 63 percent calling it “good”.
Overall, the percentage of consumers who see their current personal finances as “excellent/good” decreased slightly compared to the previous quarter.
Over the next 12 months, 84 percent of Emiratis said they see their personal finances improving and 37 percent look forward to an “excellent” progress. Among expatriates, 30 percent said they look forward to “excellent” personal finances in the next year while 47 percent see them as “good”.
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