FINANCIAL NEWS

Survey shows Dubai consumer optimistic in Q3

11 Nov 2012

(MEANFN) Dubai Department of Economic Development has unveiled in its latest survey that consumer confidence in the Gulf emirate advanced in the third quarter, Arabian Business reported.

The quarterly Consumer Confidence Index has increased to 129, well above the average of 100 during the latest quarter, and seven points higher than the second quarter.

This was supported by figures released by Visa recently showing a 23 percent increase in the number of international sales transactions during Eid Al Fitr in the UAE.

Visa said total sales and cash disbursements reached a record of USD932 million. Visa’s data covered August 20 to September 9 period.

The DED survey also showed that 77 percent of respondents said their current financial situation had improved over the last year and 86 percent saying they are optimistic about the next 12 months.

66 percent of the respondents said they have a positive sentiment on the current state of economy compared to 55 percent in the second quarter.

Nearly 85 percent said they believed Dubai’s economy would improve in the next 12 months, the survey showed.

Two-thirds of respondents rated job prospects during the third quarter as “very good” even when job security remained the biggest concern for most of them.

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