The United Arab Emirates (UAE) posted a consumer confidence increase of two points in the second quarter, reaching an index score of 110 — the highest in the region, indicates Nielsen Global Survey of Consumer Confidence and Spending Intentions.
The Nielsen Global Survey of Consumer Confidence and Spending Intentions findings showed improvements in all of the country’s confidence indicators from the fourth quarter of 2016. In the UAE, six in 10 respondents were confident about job prospects in the coming year. Respondents were also optimistic about their personal finances, with 66% believing they would be good or excellent in the next 12 months, an increase of three percentage points from the fourth quarter of 2016. Half of the respondents were confident about immediate-spending intentions, an increase of three percentage points from the fourth quarter of 2016.
The percentage of respondents who cited the economy as a leading concern declined two percentage points. Job security (43%), parents’ welfare/happiness (18%), children’s education/welfare (16%) and work-life balance (12%) topped the list of concerns cited by respondents.
“Once again, the UAE has maintained an index above optimism baseline, proving its resilience in consumer sentiment, showing early signs of recovery from the fall last year. Although not completely out of the woods, the trend is going on a positive track,” says Arslan Ashraf, managing director, Nielsen Arabian Peninsula and Pakistan. “Discretionary spending intentions are also on the rise, which further validates that there is a growing sense of improving consumer sentiment in the country. But at the same time they are also putting their extra cash into investments and savings.”
Africa/Middle East saw the greatest change globally, with the region’s consumer confidence index rising five points to a score of 88. Regionally, all confidence indicators improved in the second quarter of 2017.
More than half of respondents (53%) were confident that personal finances would be good or excellent in the next 12 months, which represents a six percentage point increase from the fourth quarter of 2016. Spending intentions increased two percentage points to 33%. Thirty-seven percent of respondents expected favourable prospects for jobs in the coming year, up from 34% in the fourth quarter of 2016, reflecting a positive outlook.
Three out of five Africa/Middle East markets showed consumer confidence gains. Saudi Arabia (98) posted a consumer confidence increase of four points. Conversely, consumer confidence fell sharply in Morocco (77), declining eight points in the second quarter of 2017. In the Africa/Middle East region, countries that posted scores at or above the optimism baseline of 100 include the UAE (110) and Pakistan (102).
Established in 2005, the Nielsen Consumer Confidence Index is fielded quarterly in 63 countries to measure the perceptions of local job prospects, personal finances, immediate spending intentions and related economic issues of real consumers around the world. Consumer confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism, respectively.
According to a report by the United Nations, the fashion industry accountsFebruary 18, 2021 | By Shruthi Nair
The jewellery making industry has been under tremendous scrutiny over the yearsFebruary 11, 2021 | By Shruthi Nair
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
UAE-based Al Maya Supermarkets is hosting a two-week food festival at select
Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the
Carrefour UAE has launched “Cookit Yourself” — a curated recipe box created
UAE-based Al Islami Foods, one of the largest frozen food companies in
Marks & Spencer’s plant-based range now offers over 25 vegan products including meat-free
World’s largest fully integrated online brand in fresh fish and meat e-commerce
Homegrown, organic and plant milk company, Koita has announced its expansion into
Tighter restrictions on hotels, restaurants, shopping malls and entertainment venues on account of
All hotels and restaurants have been directed to temporarily hold entertainment activities
The new Dubai Gold Souk is “very much on track”, according to
Gone are the days of traditional brick-and-mortar as well as purely e-commerce
The Dubai Gold & Jewellery Group’s ongoing jewellery campaign, held in association
Retail Abu Dhabi, the retail platform of the Department of Culture and
Gulf Marketing Group (GMG) is gearing up for a continued surge in
UAE-based Emaar Malls have announced the resignation of its CEO, Rajiv Suri
The Lumière Co, a new e-commerce platform, has launched to offer young
Nakheel Malls, the retail arm of master developer Nakheel, has launched its
Serena Marketplace, a new community shopping and service centre for the Mediterranean-themed