Dubai’s Consumer Confidence Index at Highest Level Since 2011
Consumer confidence rose to 153 points in the third quarter of 2021, up two points from the previous quarter and 21 points more than during the same period last year, according to the Department of Economic Development’s latest Consumer Confidence Index report. The index is conducted quarterly to gauge consumers’ spending habits and their perceptions […]
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Consumer confidence rose to 153 points in the third quarter of 2021, up two points from the previous quarter and 21 points more than during the same period last year, according to the Department of Economic Development’s latest Consumer Confidence Index report.
The index is conducted quarterly to gauge consumers’ spending habits and their perceptions about the economy, personal finances and job opportunities. The department did not provide details on the number of people polled.
“The latest index reflects an unprecedented level of positive sentiment towards the state of the economy and how Dubai successfully overcame the global economic challenges related to Covid-19 by reactivating economic activity,” said Mohammed Lootah, chief executive of the department’s commercial compliance and consumer protection sector.
Seventy-three per cent of consumers were positive about the jobs market, compared with 46 per cent in the same period in 2020. Additionally, 88 per cent of consumers also said they would be optimistic about finding a job in the next 12 months, compared with 77 per cent in the same period last year.
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About 93 per cent of Emiratis said they were confident they would find employment in the next 12 months. Dubai, the commercial and trading centre of the Middle East, has witnessed a recovery in crucial economic sectors such as tourism and property over the past few months.
The hosting of the six-month Expo 2020 Dubai global trade fair, which began this month, has also spurred economic activity this year and laid the foundation for even faster growth momentum.
The consumer confidence index also indicated that 86 per cent of consumers were positive about their current financial position, compared with 72 per cent in the same period last year.
Meanwhile, 85 per cent of consumers said they were positive about the state of Dubai’s economy over the next 12 months, compared with 72 per cent in the same quarter of 2020, according to the research.
Eighty-two per cent of consumers feel that the time is right to buy the things they want or need. About 44 per cent of consumers in Dubai plan to spend their spare cash on holidays, 36 per cent on outdoor entertainment and 33 per cent on new clothes, according to the study.
