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UAE consumer confidence falls in Q4 2009
Consumer confidence in the UAE dropped sharply during…
January 10, 2010 4:14 by kippreport
Consumer confidence in the UAE dropped sharply during the fourth quarter of 2009, falling 10 points from the previous quarter, according to the latest Nielsen Consumer Confidence Survey Index. The debt delay announcement made by Dubai World late last year led to the drop-from 102 points in Q3 to 92 in Q4, said the report.
“Given the initial uncertainty around the Dubai World crisis it is likely to have spooked the consumers in UAE. This was too close home to ignore and raised concerns about another imminent crisis in UAE,” said Himanshu Vashishtha, director of Consumer Research for Middle East, North Africa and Pakistan, The Nielsen Company. The situation has improved since then, and according to him, consumers in UAE will recover their confidence “but maybe at a slower pace.”
The survey found that 71 percent of UAE consumers believe they are still in recession, but 36 percent are confident that it will be over by the end of 2010.