Consumer confidence in Dubai hits 10-year high

Dubai’s consumer confidence index reached its highest level since 2011 in the second quarter as the emirate’s economy continues to recover from the coronavirus pandemic on the back of stimulus measures and an accelerated vaccine campaign.

The second quarter saw consumer optimism in Dubai surging to 151 points, the highest level since 2011, from the 125 points recorded in the same 2020 period and 145 points in Q1 2021, according to the quarterly Consumer Confidence Index of Dubai Economy.

84% of consumers are confident of Dubai's economy improving over the next 12 months. 91 % of consumers were also optimistic about finding a job in the next 12 months, compared to 75 % in the same period last year.

Mohammed Ali Rashid Lootah, CEO of the Commercial Compliance & Consumer Protection Sector atin Dubai Economy said, “The latest Consumer Confidence Index, which shows remarkable improvements in consumer perceptions in Dubai during the second quarter of this year, reflects the growing momentum of broader economic recovery.”

Along with the soaring consumer confidence, Dubai has been recording a resounding jump in investor trust in the wake of a wave of reforms and stimulus measures rolled out during the pandemic. A 44.2 per cent foreign direct investment surge to Dh73 billion in 2020 year-on-year, is a testimony to the UAE’s growing appeal to global investors.

The recovery seen in tourism and commercial traffic as well as an increase in advertisements appeared to be the factors driving positive perceptions on the economy.