Dubai consumers optimistic about jobs as CCI scores rise in Q3 2019

Survey shows 84% of Emiratis felt positive about their jobs in Q3 2019, while 56% of expatriates termed it “good”

Dubai residents optimistic about jobs as CCI scores rise in Q3 2019 [representative image]
Dubai residents optimistic about jobs as CCI scores rise in Q3 2019 [representative image]

Dubai consumers have an optimistic outlook about their personal finances and job prospects in the coming months, according to Dubai Economy’s quarterly Consumer Confidence Index (CCI) survey, which showed the CCI score for Q3 2019 climb to 137.

The survey showed that 84% of Emiratis felt positive about their jobs in Q3 2019. Meanwhile, 13% of expatriates termed their job situation as "excellent", while 56% termed it "good".

Close to 52% of Emiratis stated that their future job prospects for the next 12 months were "excellent", while 43% of the expats termed it "good".

Consumer perceptions on the overall economic situation showed a marginal decline, with 77% of the respondents in the survey stating that they were positive about their current personal financial situation.

Over the next 12 months, 84% of Emiratis see their personal finances improving, and 37% look forward to "excellent" progress.

Among expatriates, 30% look forward to "excellent" personal finances in the next year, while 47% see them as "good".

The recovery in the tourism and trade sectors; growth in spending on advertising; and increasing traffic have provided positive signals to consumers, according to the Dubai Economy survey.

Emiratis appear to be more optimistic with 32% terming the overall situation as "excellent", compared to 12% of expatriates.

Job security was the main concern in Q3 2019, followed by work-life balance, as well as an increase in utility bills, and the rising cost of fuel, education, healthcare, and food items.

A majority of Dubai consumers – 83% – said that they can cover their basic living expenses at present, while a third of consumers said they have enough savings to spend on holidays, and 34% have sufficient to spend on entertainment, new clothes, new technology products, home renovations and vacations within the next 12 months.

Delaying technology upgrades, trimming holiday budgets, and reducing recreational activities are some of the measures planned by families to cut costs.

Commenting on the results of the survey, the chief executive officer of the Commercial Compliance and Consumer Protection (CCCP) sector, Mohammed Ali Rashed Lootah, said: “Certainly, there are factors that will boost optimism in the coming months, including the steps taken by the government to reassure people, ensure happiness among all segments of the society, and accelerate economic growth as directed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai."

Lootah added: “One of the most important facts revealed by the survey is that over 80 percent of consumers are optimistic about the employment situation improving in the next 12 months.”

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