Optimism about jobs, personal finances stays strong among Dubai residents

Optimism about jobs, personal finances stays strong among Dubai residents
Optimism about jobs, personal finances stays strong among Dubai residents

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Aden - Yasmine El Tohamy - Dubai - Optimism about job prospects and personal finances remains strong among Dubai residents as 80 per cent of them are sanguine about the employment situation over the next 12 months, revealed a new survey released on Monday.

The Consumer Confidence Index (CCI) released by Dubai Economy showed that 52 per cent of Emiratis and 32 per cent of expatriates see "excellent" job prospects for the next 12 months. While 43 per cent of the expats term the prospects "good."

In general, the chances of finding a job were "excellent" for 38 per cent, and "good" for 42 per cent in Q3 2019, matching perceptions shared in Q2 2019.

Survey results showed that 78 per cent of residents see their personal finances positives during 2020.

The Consumer Confidence Index (CCI) score in Dubai for the July-September 2019 period was at 137, indicating a high level of optimism and brighter outlook.

The high level of optimism is driven by the upcoming Expo 2020 exhibition which is projected to give massive boost to travel and tourism, hospitality, trade and retail sectors. It is estimated that a thousands of part-time and full-time jobs will come up ahead of the mega event, which will begin from October 10, 2020.

Dubai has also predicted a real GDP growth of 2.1 per cent for 2019 and higher growth of 3.2 per cent for 2020 and three per cent in 2021.

According to survey results, Emiratis appear to be more optimistic with 32 per cent terming the overall situation as "excellent" compared to 12 per cent expatriates. A higher percentage (53 per cent) of Emiratis rate the situation as "good" compared to 47 per cent of expatriates. Overall, 67 per cent of the survey respondents exuded optimism and their combined strength, less one percentage point compared to the previous quarter.

"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," said Mohammed Ali Rashed Lootah, CEO of the Commercial Compliance & Consumer Protection (CCCP) sector at Dubai Economy.

"One of the most important facts revealed by the survey is that over 80 per cent of consumers are optimistic about the employment situation improving in the next 12 months," Lootah added.

In terms of personal finances, 84 per cent of Emiratis see their personal finances improving and 37 per cent particularly look forward to an "excellent" progress in 2020. Among expatriates, 30 per cent look forward to "excellent" personal finances in the next one year while 47 per cent see them as "good." 

Around 79 per cent of Emiratis says that it is an "excellent/good" time to buy the things they need or want to buy, while expatriates who expressed similar opinion were 69 per cent. Overall, 15 per cent said the time was "excellent" while 57 per cent described it as "good" and their combined strength of 72 per cent, compared to 78 per cent in the previous quarter.

The survey respondents said insufficient work opportunities and no salary increase were among the main reasons for the negative perception on economy seen in the survey.  However, 77 per cent of consumers estimate that the situation would turn to "excellent/good" in the next 12 months.

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

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Dubai, 23 December 2019: As efforts by the government to accelerate economic activity led to significant outcomes consumers in Dubai remain confident of their personal finances and job prospects in the coming months, showed the quarterly consumer confidence survey of Dubai Economy. The Consumer Confidence Index (CCI) score in Dubai for the July-August-September 2019 period was at 137, indicating a high level of optimism and brighter outlook.

 

The quarterly consumer confidence survey is part of providing businesses and investors with a reference on the overall consumer sentiment by analysing data on the dimensions of economic activity critical to competitive and sustainable business growth in Dubai and the UAE. 

 

The survey showed that 84 per cent of Emaratis were optimistic about jobs in the third quarter while among expatriates, 13 per cent saw the situation as "excellent" and 56 per cent termed it "good."Job prospects for the next 12 months were "excellent" for 52 per cent Emaratis and 32 per cent expats, and 43 per cent of the expats termed them "good." In general, the chances of finding a job were "excellent" for 38 per cent, and "good" for 42 per cent, matching perceptions shared in Q2 2019.

 

Mohammed Ali Rashed Lootah, CEO of the Commercial Compliance & Consumer Protection (CCCP) sector, commented that the Q3 survey reveals positive consumer sentiment among Emaratis and expatriates in Dubai.  "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 Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai."

 

Lootah added that the consumer confidence survey reflects the eagerness of Dubai Economy to promote trust and transparency as well as help all stakeholders in the emirate's sustainable economic growth to make informed decisions and overcome challenges. "One of the most important facts revealed by the survey is that over 80 per cent of consumers are optimistic about the employment situation improving in the next 12 months."

 

Though consumer perceptions on the overall economic situation showed a marginal decline 77 per cent of the respondents in the survey were positive on their current personal financial situation and the percentage rises to 78 per cent for the next 12 months. As part of keeping a close watch on their budget, 56 per cent of consumers plan to delay technology upgrades, including spending on expensive mobile phones and gadgets.

 

The confidence in personal finance is particularly higher among expatriates with 14 per cent saying it as "excellent" and 63 per cent calling it "good." sOverall, the percentage of consumers who see their current personal finances as "excellent/good" decreased slightly compared to the previous quarter. Over the next twelve months 84 per cent of Emaratis see their personal finances improving and 37 per cent particularly look forward to an "excellent" progress. Among expatriates, 30 per cent look forward to "excellent" personal finances in the next one year while 47 per cent see them as "good." 

 

For 79 per cent of Emaratis it is an "excellent/good" time to buy the things they need or want to buy, while expatriates who expressed similar opinion were 69 per cent. Overall, 15 per cent said the time was "excellent" while 57 per cent described it as "good" and their combined strength of 72 per cent, compared to 78 per cent in the previous quarter.

 

The recovery in the tourism and trade sectors, growth in spending on advertising and increasing traffic traffic have given positive signals to consumers in general and it is reflected on their perception on the general economic situation in Dubai.

Emaratis appear to be more optimistic with 32 per cent terming the overall situation as "excellent" compared to 12 per cent expatriates. A higher percentage (53 per cent) of Emaratis rate the situation as "good" compared to 47 per cent of expatriates. Overall, 67 per cent of the survey respondents exuded optimism and their combined strength, less one percentage point compared to the previous quarter.

 

Insufficient work opportunities and no salary increase were among the main reasons for the negative perception on economy seen in the survey.  However, 77 per cent of consumers estimate that the situation would turn to "excellent/good" in the next 12 months.

 

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

 

A majority of consumers (83 per cent) said they can cover basic life expenses at present, while a third of consumers said they have enough savings to spend on holidays and 34 per cent plan to spend on entertainment, new clothes, new technology products, home renovations and vacations in 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.

 

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