Dubai sees persistent rise in consumer confidence

RetailME Bureau

Consumer optimism in Dubai continued to grow in the last three months of 2014 after three quarters of stability, indicates the quarterly consumer confidence survey conducted by the Department of Economic Development (DED) that gathered feedback from 2,000 respondents from all major residential communities across Dubai, aged 18-to-59.

The overall consumer confidence index increased five points during the last quarter of 2014, compared to the same period of 2013. Improving job prospects and personal finances have driven positive sentiment revealed in the survey.

More than three-quarters of survey respondents, 76%, rated current job prospects as excellent/good, while 90% said they are optimistic that the job situation will improve in the next one year. Almost 22% of Emiratis considered the current job prospects as excellent, while 14% of expatriates expressed similar sentiments.

Around 51% of respondents said they believe the state of the economy in the next 12 months would be excellent, with opinions driven largely by the increase in rental/property prices and tourism boom. While around two-third of the consumers said they feel that it is good time to buy things they need and want, with almost half of the consumers putting their spare cash into holidays and savings.

“Consumer sentiments measured over the last few quarters mirror stability, sustainability and confidence gaining ground on the business and home fronts in Dubai. The persistent optimism will lead to businesses and people venturing out and pursuing new goals and targets, further boosting economic activity across various sectors,” says Mohammed Rashid Lootah, CEO of the Commercial Compliance and Consumer Protection (CCCP) sector in DED.