Consumer confidence in Dubai is at its highest level since the second quarter of 2015, according to figures released by Dubai Economy.
In the first quarter of this year the Consumer Confidence Index recorded 145 points, compared to 139 points during the same period last year and 142 points in Q4 2020.
Mohammed Ali Rashed Lootah, CEO of the Commercial Compliance & Consumer Protection (CCCP) sector in Dubai Economy, said the increase was mainly driven by improvements in personal finance conditions of consumers.
“Consumers expressing optimism on their personal finance conditions during the first three months of this year has increased to 77 percent, compared to 70 percent during the last quarter of 2020,” he said.
“Optimism on personal finance conditions during the next 12 months is also evident among 84 percent of consumers compared to 73 percent during the same period last year. The Index also shows that optimism on current personal finance conditions is particularly high among Emiratis at 89 percent, while 87 percent Arab expatriates are the most optimistic about an improvement in personal finance during the next 12 months,” he added.
Mohammed Ali Rashed Lootah, CEO of the Commercial Compliance & Consumer Protection (CCCP) sector in Dubai Economy
The Index shows 84 percent of consumers are optimistic about the overall economy during the next 12 months. Among Emiratis, 89 percent were optimistic of the economic situation, while the positive sentiment was also shared by 87 percent of Western expatriates.
In addition, 87 percent of consumers see an improved chance of getting a job during the next 12 months with those in the 30-39 age group being more optimistic (90 percent), indicating brighter perceptions on the job market.
For 79 percent of consumers, it’s the right time to buy the things they need or want to buy, and in general 89 percent of Western expatriates and 94 percent of public sector employees also plan to buy.
In terms of money in excess of basic needs, 38 percent said they will spend on vacations and 37 percent on outdoor entertainment, while 34 percent plan to save.
Measures planned by consumers as part of staying within budget include cutting down on buying new clothes, (48 percent consumers), delaying technology upgrades (43 percent) and reducing ordering meals from outside (41 percent).
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