Great Consumer Expectations
Study says consumer confidence is rising and people are optimistic about the economy, but job prospects stay sombre and the cost of living remains high.
April 14, 2011 3:27 by Precious de Leon
Consumer confidence in the UAE remains to be trending upwards, following last quarter’s increase, according to the latest Consumer Confidence Index (CCI).
Looking at the numbers was like staring into the abyss for Kipp. The figures aren’t generally damning. And frankly they aren’t that positive either.
So things are looking up. People are quietly becoming more confident about going about their purchasing business. But somewhere down the line, the study outlines the pessimism in finding job prospects and the general minimal optimism about the economy.
The CCI found that consumer confidence in the UAE, in particular, increased by 5.8 points since last December.
Qatar, on the other hand, recorded the largest drop of 5 index points followed by Morocco, which dropped by 3.6 points. KSA and Lebanon, meanwhile, recorded the largest increases, moving up the index by 10.7 and 10.1 points, respectively.
When asked about their personal financial circumstances, overall, 35 percent said their financial position is the same as last year and a quarter said it has gotten better.
In the UAE, 28 percent are better off than last year, 35 percent are in the same position and 28 percent say they are in a worse position than last year.
In Oman, 38 percent said they are doing better than last year, the highest percentage recorded in the region. Jordan showed only 19 percent felt their financial position is better than last year, the lowest percentage recorded in the region.