DUBAI: Consumers in Dubai are said to be more optimistic on the overall state of the economy and job prospects compared to six other leading cities in the world, according to an analysis of consumer confidence conducted by the Department of Economic Development (DED) in Dubai.
The study showed that the overall Consumer Confidence Index for Dubai stood at 142 points during the second quarter of 2016, higher than that of Tokyo, Milan, Paris, New York, Bangkok and London. It was also an increase compared to the index score of 138 recorded in Dubai during the last quarter of 2015.
DED said in a statement that Dubai also stood out in terms of consumer perception on the overall economy and confidence in personal finance. Consumer perception on the state of the economy was the brightest in Dubai as 82 percent termed it as excellent or good, ahead of New York with 64 percent voicing a similar sentiment. DED said 86 percent of consumers in Dubai rated their personal finance scenario as excellent or good, compared to 74 percent in New York, 53 percent in Paris, London (50 percent), Milan (42 percent), and Bangkok (36 percent).
The difference in confidence levels wass further reflected in purchase decisions, DED added, saying that in Dubai, 79 percent consumers saw it a good time to buy things they need and want, while in Tokyo, 65 percent didn’t feel confident to go shopping. Tourism was seen to be the main driver of positive consumer perceptions in all the seven cities but in Dubai particularly, confidence in the state of economy during Q2 was largely founded on the increase in rental/property prices.
