Consumer confidence is on the rise in the UAE, with significantly fewer UAE residents impacted by value-added tax (VAT), according to new statistics from comparison site yallacompare.
According to yallacompare’s Q4 consumer confidence index tracker, 16 percent of UAE residents said they experienced difficulties caused by VAT in Q3, compared to 27 percent in Q3 – a 40 percent decline.
The statistics also show that the number of UAE residents concerned about the rising cost of living went from 51 percent in Q3 to 40 percent in Q4.
Correspondingly, 44 percent of people said they would be able to get by financially in Q3, compared to 52 percent in Q4.
Additionally, the statistics show that more than half – 54 percent – of respondents said they feel more confident about their finances than they were 12 months ago, with 22 percent of respondents saying they feel more confident in Q4 versus 14 percent in Q3.
The number of people who said they feel less confident has fallen 22 percent since the previous survey, from 53 percent in Q3 to 41 percent in Q4.
“It’s great to see confidence, rebounding and returning to, or even exceeding, the levels we saw at the start of 2018,” said yallacompare CFO Jonathon Rawling. “With summer holidays to be paid of ad school fees due, we know that Q3 heightens consumers’ concerns over their finances.”
“The survey results suggest that with the impact of VAT now being absorbed and people feeling hopeful about a more likely salary increase, confidence is returning,” he added.
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