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Consumer confidence in the UAE at record high

Consumer confidence on the rise in UAE

The Middle East average, while still optimistic, has dropped since six months ago

August 28, 2013 3:17 by

Residents in the United Arab Emirates are ‘extremely optimistic’ about the future with consumer confidence being at an all-time high, according to MasterCard’s latest Index of Consumer Confidence.

Respondents of the survey – conducted between April 2013 and May 2013 – were asked five questions about their six-month outlook on the economy, the local stock market, their job prospects, their regular income prospects and quality of life.

Across the five measured in the index, the UAE scored a record high of 94.7, which is exceeded by Kuwait and Qatar, but surpasses Oman and Saudi Arabia.

When compared to the previous edition of the survey, released in March, the only indicator to have a slight decline in score is quality of life (down to 94.5 from 95.6), while consumer sentiment across the other four had risen.

The survey comprises 12,205 participants, aged 18 to 65, in 27 countries within the Middle East, Africa and Asia Pacific.

The latest findings also reveal that female respondents (95.4) are more optimistic about the coming months than male respondents (93.9) and that consumers over the age of 30 (95.4) are more optimistic than younger respondents (92.2).

Eyad Al-Kourdi, MasterCard’s UAE country manager, says that the country’s visionary leadership, ambitious plans and promising growth in key sectors have all played a part in inspiring confidence among the country’s residents.

In the Middle East overall, Kuwait (96.8) has the highest level of consumer confidence, followed by Qatar (96.4), the UAE (94.7), Saudi Arabia (93.3), Oman (87.1), Egypt (54.1) and Lebanon (26.9).

However, while the consumer confidence level across the Middle East remains optimistic, with an aggregate score of 78.5 – beating Africa at 78.1 and Asia Pacific at 63.3 – all five indicators have suffered declines when compared to the previous edition of the index.

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