Dubai Economy: Most optimistic citizens improve personal financial conditions by 84%
Dubai Consumer Confidence Index is at its highest level since 2017
Mohammed Ali Rashid Lootah: "The index witnessed an increase regarding the improvement in the financial conditions of consumers during the next 12 months."
The Consumer Confidence Index in Dubai rose, during the fourth quarter of 2020, to its highest level since the third quarter of 2017, recording 142 points, compared to 133 points in the same period in 2019, and 132 points in the third quarter of 2020.
The Executive Director of the Commercial Supervision and Consumer Protection Sector in Dubai Economy, Mohammed Ali Rashid Lootah, revealed that the index witnessed an increase regarding the improvement of the personal financial conditions of consumers during the next 12 months, as 82% of consumers expressed their optimism, compared to 79% for the same period last year.
The index also showed that citizens are the most optimistic about an improvement in personal financial conditions, by 84%.
Lootah explained that 83% of consumers are optimistic about the economic situation during the next 12 months in general, and 97% of citizen consumers are optimistic about the economic situation for the same period, while 85% of consumers are optimistic about improving job opportunities during the next 12 months. It reflects the positive impression of consumers towards the economic initiatives that have been implemented, and the growth in economic activity after the reopening of the markets, which positively affected their impressions of finding a job during the coming period.
According to Dubai Economy, 74% of consumers feel that the time is right to buy the things they need and want to buy, while 91% of citizens find the time is right to buy their needs.
As for spending extra money on basic needs, the index showed that 43% of consumers will spend on vacations, compared to 36% who will save those additional sums.
On the other hand, the index shows the measures taken by consumers to avoid leaving the budget, as 54% of consumers showed that they reduce entertainment expenses outside the home, 53% reduce purchasing new clothes, and 48% postpone the technology update, at a time when 39% will reduce the purchase of new meals. .
It is noteworthy that the Consumer Confidence Index reflects consumers ’perception of the current and future economic situation.
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