UAE consumer confidence up

UAE consumer confidence up

Consumer confidence in the UAE recorded a significant jump as it ranked the third most optimistic country globally by Nielsen in its latest Global Consumer Confidence Index, which was released on Monday.

By Abdul Basit

Published: Tue 30 Oct 2012, 11:26 PM

Last updated: Tue 7 Apr 2015, 2:50 PM

The levels of optimism during the third quarter were six points higher than the previous quarter in the index for the UAE.

The country’s total points reached 114 in the quarter, compared to 108 in the second quarter. Last year, the country earned 105 points in the third quarter in the Nielsen’s consumer confidence index that shows nine points increase compared to the latest quarter.

There are total two countries from Gulf region among top ten in the index for the third quarter. Saudi Arabia ranked fourth by earning 113 points, although it lost two points compared to last quarter.

India and Indonesia jointly ranked top with 119 points in the third quarter. The Philippines was ranked second in the index.

India maintained its top position for ninth quarter till first quarter of 2012, but it went down to second position in the second quarter this year. Other countries in the top ten list by ranking include Thailand at fifth with 112 points, Brazil at sixth with 110 points, China 106 points, Malaysia 105 points and Switzerland added 10 points to reached 104 points. Globally, the consumers index edged higher in the third quarter due to improvement in the US. The index rose just one point in the quarter to 92, after declining three points in the previous quarter, and was four points higher than a year earlier. The reading of below 100 nevertheless signals consumers are pessimistic about the outlook.

More than 60 per cent of global consumers believed that their national economies were in recession, up from 57 per cent in the previous quarter, according to the Nielsen survey.

Nearly 70 per cent of respondents said they were changing their spending habits to save more. Australia, Belgium, Norway and Thailand witnessed a noticeable increase in confidence while sentiment deteriorated sharply in Hong Kong, Argentina and South Korea. Italy, Spain, and Greece at the centre of the euro zone debt crisis, were also among the weakest consumer countries.

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