ACNielsen's global consumer survey shows UAE Consumers more bullish on economy than those in the US, UK and Singapore (page 1 of 2)

The Consumer Confidence Survey, polling over 23,500 regular Internet users worldwide was extended to include the UAE for the first time this year.

The UAE is among the Top 10 countries with the highest Consumer Confidence Index globally, ahead of other countries like Singapore, US and UK. The index, introduced by ACNielsen earlier this year, is calculated based on consumers' opinion of the development of local economies, employment opportunities and other concerns. UAE ranked ninth, with 110 points, 12 points above the global average; India tops the Index with 132 points.

The world's most optimistic consumers live in Asia-Pacific and Canada, as well as in two Scandinavian countries - Denmark and Norway. It is interesting to note that the trust of the global population in a better future is on the rise. The ACNielsen Consumer Confidence Index grew from the average 92 points in May 2005 up to 98 points in November, with two thirds of countries seeing it rise.

Job Prospects and Personal Finances

Over three quarters (77%) of Internet users in UAE are optimistic about job prospects over the next year. Their optimism is significantly higher than that of an average global consumer (by 53%). The UAE is second only to India by the number of people who feel that their job prospects are excellent! Over two thirds (69%) UAE respondents expected their financial state to be excellent or good. This number is comparable with Canada and is higher than in most of Western European countries.

"The UAE's booming economy creates abundant job opportunities. This gives people confidence in their ability to earn a sound living and provide for their families", commented Piyush Mathur, Managing Director, ACNielsen's in the GCC region. "However, at the same time, life is quickly becoming more expensive, the salaries growth pace fails to catch up with the inflation."

"We see more and more professionals coming to work in the UAE. The in-flow of high caliber experts accelerates the industry, services development and the competition in the job market. Also, a segment of consumers in the UAE are concerned about their job security as there is relatively less freedom to change jobs in the UAE," adds Piyush Mathur.

It's time to save

In spite of the high confidence in the future of personal finances, people living in the UAE prefer to save the earned money and not rush to spend. 39% believe now is a good time to buy the things they want and need. This perfectly coincides with the global trend, although expectations of one's financial well-being have improved in many countries of the world, including Europe, people are still cautious about spending money.

In addition, more people globally prefer to put their spare money into savings or use it to pay off debts and loans, UAE is not an exception. 37% of respondents say they save the money left after paying essential living expenses.