Over half of the residents in the UAE (57%) rate their current personal financial situation as strong. The UAE tops the rankings followed by Saudi Arabia, India, China, Mexico and Australia, according to a report by Ipsos UAE.
At the bottom of the table are Italy, South Korea, Argentina, Poland and Japan, with the least number of residents thinking that they have the weakest current personal financial situation.
The national survey was conducted to understand consumer attitudes on the current and future state of the local economy, personal financial situation and confidence to make large investments & save. The survey was conducted on a sample size of 500 respondents, aged 15 and over.
Consumer sentiment, according to the report, is a key predictor of market trends. Despite it being a lagging indicator, higher customer confidence leads to more purchases.
Businesses and policymakers can alter decisions based on the changes in the index, a decreasing trend indicates that the consumers have a negative outlook which in turn will affect their ability and will to spend.
Banks also use this data to anticipate a decrease in financial actions such as lending activity, mortgage applications and credit card usage.
On Wednesday, Arabian Business reported that Dubai’s real estate market will remain resilient despite fear of global economic recession or slowdown in major economies this year.
The real estate market in Dubai has been a key driver of the UAE’s economic growth over the past few decades as it attracts investors worldwide with its luxurious developments and tax-free environment.