Consumer confidence high in UAE

19/08/2011 - Dubai Investment News Posted by Neil King
Consumer confidence high in UAE

Consumers living in the UAE are confident about the coming six months, property investors in Dubai could be interested to learn.According to the latest MasterCard Worldwide Index of Consumer Confidence, people are feeling positive about the retail, travel and hospitality sectors in the country.Indeed, the index reached its highest level for the UAE since 2004, posting a score of 95.6, up from 73.6 just six months ago.This comes despite news over the past weeks of anxiety in the global markets.MasterCard reported that UAE consumers are "significantly" more positive than those in China, which scored 78.3, Hong Kong and India."It is very encouraging to see that UAE consumer sentiment is continuing its upward momentum and is expected to reach a record high in the coming months," said Raghu Malhotra, general manager at MasterCard Worldwide in the Middle East."The findings are in line with the recent trends that we have observed in the market with retail, travel and hospitality sectors, in particular, registering a significant upturn."People were found to be the most confident about the economy over the coming months and having a regular income, the survey revealed.