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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
Some UAE consumers claim that the country is still in recession; however, more and more consumers are now convinced that it’s the end of the road this year. About 42 per cent of UAE consumers are convinced the recession will be over in the next 12 months, compared to 36 percent in the last wave.
Although consumers are still cautious about their spending and about eight in 10 have changed their spending habits to save on household expenditure, 64 per cent of UAE consumers said that the state of their personal finances is excellent or good for the next 12 months compared to 51 per cent in the last wave.
UAE consumers are still cautious about their spending and remain committed to paying credit card debts and loans, and managing costs on telephone, gas and utility bills.
They are, however, also expressing their desire to increase their spending on upgrading technology, home improvement and apparels. A positive signal on this comes from Nielsen’s Retail Panel, which reports 13 per cent growth in the first quarter of 2010 versus a year ago, proving that consumers have started spending more on FMCGs.
Globally, economy and job security remain consumers’ top concerns in the first quarter. In the UAE, as well, one in four consumers cite job security as a main concern, but this number has decreased in the past six months.
At the same time, 61 per cent of consumers believe that job prospects in the UAE over the next 12 months will be excellent or good, which depicts a slight increase compared to six months ago.
At a time when the world is becoming cautiously more positive about the revival of the global economy, Saudi consumers have shown solid optimism in their economy in quarter one.