Views towards the state of the UAE remain positive despite a slight decrease in the index since February 2023.
Results of the March 2023 Primary Consumer Sentiment Index (PCSI) in the UAE, released by Ipsos, reveal a slight decrease compared to the previous month, leaving it at 70.7 versus 71.3.
The United Arab Emirates came in second place when it comes to the current state of its economy, with 63% saying that the economy is strong. The Emirates also come in second place globally, preceded by Saudi Arabia (96%), with the vast majority of consumers (95%) believing the country is heading in the right direction, a 1% increase since February 2023.
When it comes to concerns, unemployment and jobs (42%) has topped the list passing inflation (31%) and worries about climate change (29%).
On a personal level, consumers in the Emirates came in second place globally when it comes to their personal financial situation. Currently, 44% believe that their financial situation is strong. It is also notable that the ability to make a major purchase has slightly decreased since February 2023, whereby 80% feel more comfortable in doing so.
Looking ahead to the coming 6 months, the majority still have a positive outlook, with 81% comfortable with investing in the future, including the ability to save money for retirement and children’s education. Also, 86% expect the economy in their local area to be stronger than it is now.
The Primary Consumer Sentiment Index is a global index conducted monthly by Ipsos across 25 countries in collaboration with Thomson Reuters, and measures consumer attitudes towards the current and future state of the local economy, consumers’ personal financial situation, as well as confidence to make large investments and ability to save. The survey has been running monthly in the UAE since 2022.