The study of the Consumer Confidence Index carried out by the Dubai Economy represented by the Commercial Control and Consumer Protection sector on a quarterly basis showed that the index rose in the third quarter of 2021 to the highest level since its launch 10 years ago. The index rose in the period from July to August 2021 by two points from the previous quarter and 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 the consumer’s desire to buy the products he needs and wants to buy.
In the third quarter of this year, the index showed positive impressions of job opportunities at the present time, as the percentage of consumers who were optimistic about finding a job reached 73%, compared to 46% in the third quarter of last year, and the percentage of optimism about finding a job in the next 12 months rose to 88 %, compared to 77% for the same quarter of 2020. Europeans and Americans topped the level of optimism about obtaining a job at the present time, reaching 80%, and the Emiratis issued impressions of obtaining a job in the next 12 months with an optimism rate of 93%.
Mohamed 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 resumption of economic activity after the challenges of the Covid 19 pandemic, and this is clear with the feeling of 86% of consumers. that their personal financial conditions are good at the moment, compared to 72% of the third quarter of 2020.
He 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 about 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 entrepreneurs of various nationalities feel that the current economic situation is good, as for 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 revival of tourism, booming trade and increased advertising campaigns.
The index showed how consumers deal with money in excess of basic needs, as 44% of consumers planned to spend it on vacations, 36% on entertainment outside the home, and 33% on new clothes. The index reviewed the measures taken by consumers not to go out of the budget, as 51% of them went to reduce buying new clothes, 39% tended to reduce spending on holidays and short vacations, and 38% of them decided to reduce entertainment outside the home.
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