Dubai (WAM)
The Department of Economic Development in Dubai confirmed that the consumer confidence index in the emirate rose during the third quarter of this year to its highest level since its launch ten years ago. The study of the consumer confidence index prepared by the Commercial Control and Consumer Protection Sector indicated that the index rose during the period from July to August 2021 by two points from the previous quarter and 21 points compared to the same quarter of 2020. The consumer confidence index measures current and future impressions of consumers about the economic situation and consumer perceptions about the opportunities Work, personal financial conditions, and consumer desire to purchase products that he needs and wants to buy. During the third quarter of this year, the index showed positive impressions of job opportunities at the present time, as the percentage of consumers who were optimistic about finding a job reached 73%, compared to 46% in the third quarter of last year, and the percentage of optimism about finding a job in the next 12 months increased. To 88%, compared to 77% for the same quarter of 2020. Europeans and Americans topped the level of optimism about getting a job at the present time, reaching 80%, and the Emiratis issued impressions of getting a job in the next 12 months with an optimism rate of 93%.
Mohammed Ali Rashid Lootah, Executive Director of the Commercial Control and Consumer Protection Sector, said: The study of the consumer confidence index showed unprecedented results, which reflects the positive impression of consumers towards the economic conditions, and how Dubai successfully dealt with the return of economic activity after the challenges of the Covid-19 pandemic, and this appears clear. 86% of consumers feel that their personal financial conditions are good at the moment, compared to 72% in the third quarter of 2020. Lootah added that 82% of consumers believe that the time is right to buy the things they need and want to buy, which will reflect positively on the increase in spending in the local economy.
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