Dubai: Consumer confidence in Dubai inched lower in the third quarter of 2019, as residents cited factors such as insufficient work opportunities and no salary increases behind their outlook.
The quarterly survey by Dubai’s Department of Economic Development (Dubai Economy) said that the consumer confidence index for the quarter was at 137, down from 139 in the second quarter, and from 140 in the first quarter. This comes amid a global economic slowdown and a domestic slowdown across the UAE as oil revenues fall.
Job security was the main concern among respondents, Dubai Economy said, followed by work/life balance, as well as an increase in utility bills. Consumers were also concerned about the rising cost of fuel, education, health care, and food items.
Respondents said they were attempting to cut costs by watching their expenses and delaying technology upgrades, trimming holiday budgets, and reducing recreational activities.
Dubai Economy said, however, that there will be factors boosting optimism in the coming months, including steps taken by the government to accelerate economic growth.