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We are confident!

We are confident!

Who is? We are, apparently. You and me. The papers are full of reports that confidence is back on the scene. But look a little closer and it’s more like wishful thinking.

November 11, 2010 10:59 by

Gulf News also carried a report last month in which Euromonitor International, business intelligence provider extraordinaire, said it expected consumer expenditure to gather pace over the next few years. It suggested there was “pent-up demand” for purchases following the recession. So it’s not just the media banging the confidence drum.

Rasool Hujair, CEO of Majid Al Futtaim Finance, told Gulf News that he also believes consumer confidence is on the increase in the UAE. According to him, their customers are using their credit cards twice as much as they used to before. The only thing is, he goes on to concede that this spending is for utilities and not luxury items. Hujair told the paper, “The data we have show that shoppers place food, education, health and utilities far higher than so-called luxury items, such was watches and shoes. Such luxury goods (accounted for) only 6.2 percent of total spending, which could be seen as indicative of how the recession has affected shopping habits.”

It seems to Kipp that, really, there isn’t that much more confidence knocking about – people just wish there was.

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