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Majid Al Futtaim, the developer and management company of shopping malls, integrated cities, retail and leisure facilities in the Middle East, Africa and Central Asia, today published its quarterly report “The State of the Retail Sector in the UAE” for the third quarter of this year.
Consumer confidence in the UAE has reached its highest level in 10 years. Total spending – according to point-of-sale data in the third quarter – exceeded the levels last recorded in 2019 before the outbreak of the pandemic, with an increase of 7%.
There was a significant improvement in the levels of shoppers’ reassurance during their visits to shopping centers, and the turnout improved year-on-year in the third quarter by 18% between 2020 and 2021.
Consumer spending on general categories of purchases grew by 6% between the second and third quarters of 2021, primarily driven by an 18% increase in spending on electronics, reflecting a similar increase in spending on electronics before the pandemic between the second and third quarters of 2019. .
E-Commerce
Unsurprisingly, the e-commerce sector continued to gain more momentum in the UAE. The total value of e-commerce sector sales in the third quarter of 2021 was 34% higher than the same period in 2020, and consumers spent a quarter more on e-commerce since the beginning of the year until September, compared to the same period in 2020.
Alain Bejjani, CEO of Majid Al Futtaim Holding, said: “Looking back at the first nine months of this year, it is clear to us how much progress the UAE has made in recovering from the consequences of the global pandemic. The desire to enjoy recreational experiences and ease precautionary measures helped the leisure and entertainment sector grow by more than 4% between the second and third quarters.
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