Consumer confidence in Dubai has reached to its highest level in 10 years in the second quarter of 2021, according to the quarterly Consumer Confidence Index of Dubai Economy.
The latest index revealed second quarter saw consumer optimism in Dubai surging to 151 points, the highest level since 2011, from the 125 points recorded in the same 2020 period and 145 points in Q1 2021.
Mohammed Ali Rashid Lootah, CEO of the Commercial Compliance & Consumer Protection Sector at Dubai Economy said the survey indicated remarkable improvements in consumer perceptions in Dubai.
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“The latest Consumer Confidence Index, which shows remarkable improvements in consumer perceptions in Dubai during the second quarter of this year, reflects the growing momentum of broader economic recovery,” Lootah said.
He added that 75 % of consumers were positive on jobs, compared to 32 % recorded in the same period in 2020.
Perceptions regarding looking for job in the next 12 months risen to 91% compared to 75 % in the same period last year.
Consumers also expressed a positive outlook on their current personal financial conditions as 81% confidence, compared to 57 % in 2020.
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Those looking forward to improvements in their personal finance over the next 12 months constituted 85 % in Q1 2021, compared to 73 % in Q1 2020. Consumers in the 50-59 age group make up 88 % of those optimistic of an improvement in their personal finance, Dubai Economy said in a statement.
Furthermore, Dubai has also been recording a resounding jump in investor trust amidst the wave of reforms and stimulus measures implemented during the pandemic. The foreign direct investment surge of 44.2% or AED73 billion in 2020 year-on-year, is a testimony to the UAE’s growing appeal to global investors.
Dubai economy attributed the positive perceptions on the economy to recovery seen in tourism and commercial traffic as well as an increase in advertisements.
