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Dubai consumers positive about the state of the economy

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Consumer optimism in Dubai has grown in the past three months, and it’s all thanks to improved job prospects and personal finances. This is according to the quarterly consumer confidence survey conducted by the Department of Economic Development (DED).

During the last quarter of 2014, the overall consumer confidence index increased five points compared to the same period of 2013. This increase was only one point compared to the previous three quarters, however, as consumer confidence remained steady reflecting balanced perceptions on the state of the economy.

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

Among the survey’s respondents, more than 76% rated current job prospects as ‘excellent’ or ‘good’, while 90% expressed optimism that the job market will improve in the next 12 months.

In terms of concerns, job security was cited as the main problem in the emirate, followed by work/life balance.

As for personal finance, 60% of respondents rated it as ‘good’, while 18% rated it as ‘excellent’.

Overall, approximately 51% said that they believe that the state of economy will improve in the next 12 months, with positive perceptions largely driven by the increase in rental/property prices and the tourism boom.

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