| 12 Nov 2008 |
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UAE Ranked Third Most Optimistic Nation in latest Nielsen Global Consumer Confidence Survey
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Spending on clothes and saving on gas/electricity are UAE's top recessionary tactics
Food inflation - main concern for one in four UAE consumers
"Despite being affected by the current global conditions, consumers in the UAE and other developing markets are aware that their medium-to-long-term prospects remain strong," said Piyush Mathur, Regional Managing Director, Middle East, North Africa and Pakistan, The Nielsen Company. Out of 52 countries surveyed, UAE consumers ranked third most optimistic for their local job prospects and state of their personal finances.
"Consumer confidence in UAE remains quite stable as the economy is driven by strong domestic growth particularly in the FMCG and retail sector," observed Mathur. According to Nielsen, the FMCG market in the UAE increased 26 percent between August 07-August 08. "This indicates high single-digit real growth even after inflation and population growth are factored in."
Consumer confidence in the UAE dropped by only one index point in the past six months - and more significantly recorded only a two point decline in the last 12 months. "While UAE consumers haven't entirely escaped the affects of an economic slowdown, it's clear that they have not suffered the serious consequences the global credit crunch has inflicted on consumers in other parts of the world," said Mathur.
Many countries experienced double-digit declines in consumer confidence in the past year including the US, UK, Hong Kong, Japan, Singapore and Malaysia.
"While 63 percent of consumers think their country is currently in recession, in contrast and as further demonstration to their confidence - 60 percent of UAE online consumers said they are not currently in a recession," said Mathur. Furthermore, among the 40 percent of UAE consumers who believe they are currently in recession, 23 percent believe it will be over within 12 months. "Consumers in developing markets are significantly more optimistic that a global recession will not last more than a year."
One in two Indians, 45 per cent of Vietnamese and around a third of Russians and Chinese expect the global recession to end within a year.
According to another Nielsen survey on global recessionary tactics, one in two UAE consumers said they will cut back on buying new clothes and try to save on gas and electricity bills during an economic slowdown. Forty three percent of consumers said they will reduce spending on out-of-home entertainment and 42 percent plan to cut their telephone expenses.
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About The Nielsen Company
The Nielsen Company is a global information and media company with leading market positions in marketing information (ACNielsen), media information (Nielsen Media Research), online intelligence (NetRatings and BuzzMetrics), mobile measurement, trade shows and business publications (Billboard, The Hollywood Reporter, Adweek). The privately held company is active in more than 100 countries, with headquarters in Haarlem, the Netherlands, and New York, USA. For more information, please visit, www.nielsen.com
About The Nielsen Global Online Consumer Survey
The Nielsen Global Online Consumer, conducted by Nielsen Customized Research, was conducted from September 22 to October 6 among 26,202 internet users in 52 markets from Europe, Asia Pacific, North America and the Middle East. The largest half-yearly survey of its kind, the Nielsen Global Online Consumer Confidence and Opinion Survey provides insight into current confidence levels, spending habits/intentions and the major concerns of consumers across the globe. The Nielsen Consumer Confidence Index is developed based on consumers' confidence in the job market, status of their personal finances and readiness to spend.
© Press Release 2008
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