Stock Dubai skyline Creek harbour
Creek harbour Image Credit: Stefan Lindeque/Gulf News

Dubai: The second quarter of 2021 saw consumer optimism in Dubai rise to its highest level since 2011, according to the quarterly Consumer Confidence Index of Dubai Economy.

Consumer confidence rose to 151 in Q2 2021, a marked increase from the 125 recorded in the same period last year and the 145 in Q1 2021.

“The latest Index, which shows remarkable improvements in consumer perceptions in Dubai during the second quarter, reflects the growing momentum of broader economic recovery,” said Mohammed Ali Rashid Lootah, CEO of the Commercial Compliance & Consumer Protection (CCCP) Sector in Dubai Economy.

Cracking the numbers

As of now, 75 per cent of consumers were positive ontheir job situation, compared to 32 per cent in the same period in 2020. Besides, 91 per cent of consumers were also optimistic of finding a job in the next 12 months, compared to 75 per cent last year. Among those confident of finding a job, 81 per cent fall in the 40-49 age group.

Consumers were also positive on their financial conditions as 81 per cent of them expressed confidence, compared to 57 per cent in 2020. Those looking forward to improvements in their personal finances over the next 12 months constituted 85 per cent in Q1-2021, compared to 73 per cent in 2020. Consumers in the 50-59 age group make up 88 per ent of those optimistic of an improvement in their finances.

The Index showed that 84 per cent of consumers had a positive perception on the overall economy, compared to 77 per cent in the same period last year. The recovery in tourism and commercial traffic appeared to be the factors driving the perceptions.

The Index also showed that 49 per cent of consumers will spend money left after meeting basic needs on vacations while 38 per cent will spend it on outdoor entertainment and buying new clothes. And 33 per cent will save any excess money.

Consumer Confidence Index
The Consumer Confidence Index, launched in 2011, captures a consumer's perceptions on the overall economy, personal finances and job opportunities as well as expectations of buying and saving.