Posted by Bob Brunskill
Consumers in the UAE are much more confident in their spending habits than they were this time last year, new research has found.
The Mastercard Worldwide Consumer Confidence Survey, which polled 2,400 consumers in the UAE, recorded an index score of 82.4 for the region for the first six months of 2010, whereby 100 would be the most optimistic score, 7Days reported.
This is a marked improvement on the 29.6 points recorded in the first half of last year when the impact of the global economic downturn was still being felt.
Luxury spending such as on eating out, looking good and getting away were found to dominate UAE residents' budgets at present, MasterCard said.
"UAE consumers are particularly upbeat regarding their intended future spending on dining and entertainment, international personal air travel and fashion and accessories in the coming six months," commented Raghu Malhotra, GCC general manager at MasterCard.
Meanwhile, research by Business Monitor International found last week that the automotive market in the Gulf Cooperation Council region is expected to witness strong growth this year.