The Dubai Department of Economic Development (DED) has announced the launch of quarterly Consumer Confidence Index (CCI) to evaluate consumer impressions on the state of the economy and the key drivers of consumer behaviour.
Based on the findings of complex surveys, DED will release a quarterly Consumer Confidence Index, providing an overview of spending patterns, household incomes, and saving techniques among consumers in Dubai. The first Consumer Confidence Index for Dubai will be published by the end of the last quarter of 2011.
"The index is intended to provide a realistic assessment of consumer perceptions on economic changes as well as their future intentions and expectations. A clear understanding of consumer response to economic conditions and expectations will help governments and business owners in economic planning and decision-making," said His Excellency Sami Al Qamzi, Director General of the Department of Economic Development.
“The economy in Dubai has seen significant changes in recent years. The growing interest in Dubai’s infrastructure, business environment and varied lifestyle choices available here make it clear that Dubai is moving to a new phase of growth. Efficient and up-to-date intelligence on the key influencers of consumer behaviour is essential for the government and businesses to support and sustain economic activity,” Al Qamzi said.
His Excellency added: "The Consumer Confidence Index is a perfect fit with our strategy to support economic planning and integrate best international practices in enhancing transparency and overall competitiveness in the business environment in Dubai."
The Commercial Compliance and Consumer Protection Division of DED and global market research firm, The Nielsen Company, have signed a partnership to develop and conduct the quarterly consumer confidence surveys. Nielsen has surveyed over 50 markets in the world, providing critical insights to governments and organisations on consumer perceptions and trends influencing economic activity.
“Consumer spending is key to the survival of the market. It is therefore the responsibility of market regulators and businesses to build confidence among consumers so that they can spend without compromising their financial stability or long-term objectives. We believe our Consumer Confidence Index will provide consumers, businesses, and policy-makers with a clear template to balance trends, drivers, and outcomes of consumer spending” said Omar Bushahab, CEO of the Commercial Compliance and Consumer Protection Division, DED.
The quarterly Consumer Confidence Index will help retailers, banks, construction companies, and other critical sectors of Dubai’s economy to plan ahead and retain the flexibility to adapt to changes in economic conditions and consumer sentiment.