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How consumers got their groove back
More good news, according to Sevil Ermin, MD for Nielsen in the UAE: Consumer confidence in the country is in the world’s top ten. She explains how the numbers stack up.
July 25, 2010 6:10 by Samuel Potter
The global consumer confidence index in the first quarter of this year rebounded to reach its highest level of 92 points since its all-time low of 77 in early 2009.
The index has increased by six points from seven months ago and is now only two points short of the 94-point index mark in the third quarter of 2007, just prior to onset of the global recession, thus providing the most definitive sign that the world economy is beginning to recover.
The global consumer confidence index rose in 41 of the 55 countries surveyed during the quarter, with India (127 index points), Indonesia (116) and Norway (115) remaining the world’s most confident nations.
Lithuania (46), Croatia (48) and Portugal (51), meanwhile, were the most pessimistic nations.
Turning specifically to the GCC, the Nielsen survey shows very positive results for the UAE and Saudi Arabia. It reveals a 29-point increase in the Saudi consumer confidence index; which is the highest positive delta seen across all the 55 countries.
The UAE’s consumer confidence index has also shown a significant rise of 11 points from 92 points in fourth quarter of 2009 to 103 in the first quarter of 2010.
The optimism exhibited by Saudi and UAE consumers has now positioned both countries among the top 10 confident markets across the globe.
It is delightful to see a positive start for 2010, where the world economy is regaining its confidence, and we observe the same trend for Saudi Arabia and UAE consumers.
UAE consumers remained confident during most of 2009 – at a time when the world faced a gloomy situation.
However, the uncertainty that the Dubai financial meltdown brought in December 2009 had shaken their confidence, dropping the index by 10 points. But consumers are back in the game and are getting more comfortable about their financial situation and job security, convinced that the worst is over.