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According to the latest surveys, consumer confidence in the UAE is improving. Do you agree?
The results are in.
October 18, 2009 12:49 by Dana El Baltaji
Given the steep drop in real estate prices and the spate of redundancies, you don’t need analysts to tell you that consumer confidence in the UAE and its industries has fallen significantly since mid-2008. According to various research notes by property consultants, real estate prices fell between 40 to 55 percent since the crisis hit the region in September of last year, leaving investors and speculators scrambling for help.
And without adequate provisions to safeguard investors from the effects of the financial crisis, coupled with the government’s lack of transparency, consumer confidence in the UAE had nowhere to go but down.
However, consumer confidence is on the rise, according to a quarterly survey conducted by Dubai-based job site Bayt.com and research specialists YouGov.
The survey, entitled Consumer Confidence Index (CCI), showed that’s index UAE rose by 9.3 points, with 48 percent of respondents saying they think business conditions in the country are likely to improve, and 40 percent claiming the UAE’s economy will improve in 2010.
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