By Andy Sambidge
New Neilsen survey of 29 markets reveals impact of Dubai World debts on consumers.
Consumer confidence in the UAE dropped sharply last month to record the largest fall in a global list of 29 markets, it was reported on Thursday.
Following Dubai World’s call for a debt standstill, the UAE's consumer sentiment reading fell 10 points to 92 in a worldwide survey conducted by Nielsen.
In comments published by UAE daily The National, Himanshu Vashishtha, the managing director of Nielsen in Dubai, said the drop in sentiment was linked to Dubai World’s announcement in November.
Vashishtha told the paper: “Given the initial uncertainty around the Dubai World crisis, it is likely to have spooked the consumers in UAE. This was too close to home for them to ignore and raised concerns about another imminent crisis.”
The UAE had seen a record rise in consumer sentiment in October, but December's drop saw the UAE drop out of the 10 most optimistic countries, a spot it has held since 2006.retail 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.