Dubai's consumer confidence at highest level since 2011, says Dubai Economy findings
Retail sector is certainly feeling the benefits, and there is also the Expo effect
Dubai: It has to be the ‘Expo effect’ and more – current consumer confidence among Dubai’s residents are at its highest levels in 10 years. This was recorded during the third quarter, and could get a further bump from the opening of the global event on October 1, according to findings from Dubai Economy.
In the third quarter, 73 per cent of consumers had only positive sentiments to express about their current job prospects, compared to 46 per cent in the same quarter of 2020. A high percentage of consumers (88 per cent) too are optimistic about job prospects in the next 12 months, compared to 77 per cent last year. Western expats were the most optimistic – 88 per cent - on current job prospects, while Emiratis were the most optimistic (93 per cent) on their chances in the next 12 months.
- 82% of consumers in Dubai consider now a good time to buy things they want or need.
- Percentage of consumers bearing a positive frame of mind about the state of the economy during Q2-2021 was at 78%, up from 57% same period last year.
- 82% of Emiratis and 81% of business owners from different nationalities believe the current state of economy is good.
- 95% of public sector employees in the emirate forecast the economy to be a in a good condition in the next 12 months.
”The latest Consumer Confidence Index reflects an unprecedented level of positive sentiment towards the state of economy," said Mohammed Ali Rashed Lootah, CEO of Commercial Compliance and Consumer Protection Sector at Dubai's Department of Economic development. "And how Dubai successfully overcame the global economic challenges related to COVID-19 by reactivating the economic activity.