Dubai, UAE: Consumerism in Dubai seems to be on a high this quarter – at 142 points on the overall Consumer Confidence Index, as people seem optimistic about the economy and their personal finances. The analysis, conducted by Dubai’s Department of Economic Development (DED), showed that consumers in Dubai out did their counterparts in Tokyo, Milan, Paris, New York, Bangkok, and London.
The study showed that consumer perception on the economy was the brightest in Dubai with 82 percent terming it as excellent or good. New York stood at 74 percent, and was followed by Paris 952 percent), London (50 per cent), Milan (42 per cent), and Bangkok (36 per cent). Tokyo was off to a bad start this quarter with 67 percent revealing a ‘Not So Good/Bad’ situation.
The study also revealed that 86 percent of the consumers in Dubai rated their personal finances as good or excellent compared to 74 percent in New York, 53 percent in Paris, London (50 percent), Milan (42 percent), and Bangkok (36 percent).
These confidence levels were also reflected in purchasing decisions: 79 percent consumers in Dubai were keen on shopping at this time, though that spark didn’t reach consumers in Tokyo with 65 percent not feeling confident about shopping. “Comparing consumer perceptions on the local economy with similar indicators across other major cities enables us to evaluate how Dubai scores as a global business destination in terms of competitiveness and sustainability,” said Mohammed Ali Rashed Lootah, CEO of the Commercial Compliance and Consumer Protection (CCCP) sector in DED.