Dubai Economy: Consumer confidence index rose for the third quarter to the highest level since its launch

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88% are optimistic about getting a job within a year
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86% feel that their personal financial conditions are good
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82% see the right time to buy their needs
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78% think that the current economic situation is very good
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85% increase in positive economic expectations within a year
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95% of the public sector confirm that the economic situation is good
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Dubai: «The Gulf»
The study of the Consumer Confidence Index carried out by the Dubai Economy, represented in the commercial control and consumer protection sector on a quarterly basis, showed that the index rose during the third quarter of 2021 to the highest level since its launch ten years ago; The index increased during the period from July to August 2021 by two points from the previous quarter, and by 21 points compared to the same quarter of 2020.
The Consumer Confidence Index measures consumers’ current and future impressions of the economic situation, consumers’ perceptions about job opportunities, personal financial conditions, and consumers’ desire to purchase the products they need and want to buy.
During the third quarter of this year, the index showed positive impressions of job opportunities at the present time. The percentage of consumers who are optimistic about getting a job reached 73%, compared to 46% in the third quarter of last year, and the percentage of optimism about getting a job in the next 12 months rose to 88% compared to 77% for the same quarter of 2020. Europeans and Americans led the optimism percentage to find a job at the present time; It reached 80%, and the Emiratis issued impressions of obtaining a job in the next 12 months, with an optimism rate of 93%.
Mohammed Ali Rashid Lootah, Executive Director of the Commercial Control and Consumer Protection Sector, said: “The study of the Consumer Confidence Index showed unprecedented results, which reflects the positive impression of consumers towards economic conditions, and how Dubai successfully dealt with the return of economic activity after the challenges of the “Covid-19” pandemic, and this shows It is evident that 86% of consumers feel that their personal financial conditions are good at the present time, compared to 72% in the third quarter of 2020.”
Lootah added: “82% of consumers believe that the time is right to buy the things they need and want to buy, which will reflect positively on the increase in spending in the local economy and the positive contribution to economic growth, and this comes as a result of 78% of consumers feeling that the current economic situation is very good. Compared to 57% for the same quarter of 2020, positive consumer expectations of the economic situation for the next 12 months rise to 85% compared to 72% for the same quarter of 2020. 82% of Emiratis and 81% of self-employed people of various nationalities feel that the current economic situation is good As for the next 12 months, 95% of public sector workers and 87% of males participating in this study believe that the economic situation is good. Consumers believe that the improvement in the economic situation is due to the recovery of tourism, the boom in trade and the increase in advertising campaigns.
The indicator clarified how consumers deal with money in excess of basic needs; With 44% of consumers planning to spend it on vacations, 36% on outdoor entertainment, and 33% on new clothes. On the other hand, the indicator clarified the measures taken by consumers not to leave the budget; Where 51% of consumers stated that they reduce buying new clothes, 39% of them decided to reduce spending on holidays and short vacations, and 38% of them decided to reduce entertainment outside the home.





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