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- Dubai 04:24 05:43 12:19 15:46 18:51 20:09
In 2014, the bank’s net profit increased by 58 per cent to reach Dh5.13 billion while the group’s total income climbed 22 per cent to Dh14.44 billion. (Shutterstock)
Consumer confidence in the UAE grew in the first quarter of this year in terms of local job prospects, personal finances and immediate spending intentions as compared to the fourth quarter of last year.
According to a quarterly survey released by Nielsen, UAE consumer optimism in the last quarter increased one point to 115, ranking the UAE third in the world along with the Philippines and behind India (130) and Indonesia (123).
The UAE had the highest index in the region with 115 points. The confidence survey graph shows that the UAE has consistently enjoyed consumer confidence higher than the global average for the past 10 years.
Consumer confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism, respectively.
Confidence also increased five points in Saudi Arabia to 107 and one point in Pakistan to 102. Conversely, confidence decreased one point in South Africa to 87 and remained steady in Egypt at 90.
In the region, sentiment about job prospects edged up one percentage point to 44 per cent, while personal finances sentiment and immediate spending intentions remained flat at 60 and 39 per cent, respectively, from fourth-quarter 2014.
Job confidence improved most in Egypt, rising three percentage points to 43 per cent, while in Pakistan, the personal finance outlook rose five percentage points from fourth-quarter 2014.
Recessionary sentiment declined in three out of five Middle East/Africa markets: Egypt and South Africa each declined two percentage points to 79 per cent and 70 per cent, respectively, and Saudi Arabia declined one percentage point to 43 per cent.
Regionally, quarter-on-quarter discretionary spending and saving intentions decreased or held steady for most lifestyle categories. Spending intentions for home entertainment expenses, buying new clothes and taking holidays/vacations declined, while intentions for putting money into savings accounts increased and the percentages for investing and saving for retirement were flat from the previous quarter.
Globally, consumer confidence started 2015 with an index score of 97— an increase of one point from fourth-quarter 2014 and from a year-ago.
Compared to the end of last year when all regional confidence scores declined, it was a more upbeat start to the year, as confidence increased slightly or remained stable in every region except Latin America.
Consumer confidence increased one point in Asia-Pacific, posting the highest quarterly regional index score of 107, while North America held steady at 106. Confidence in the Middle East/Africa (96) and Europe (77) edged up one point in the first quarter, but decreased two points in Latin America (86)—the region’s lowest score since 2011.
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