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Consumers Expect Economic Rebound to Start in 14 Months
DUBAI - The UAE consumers are optimistic that economic rebound for the country could begin in 14 months, and expect a full recovery in late 2012, according to a study released on Monday.
On average, respondents from major Middle Eastern and Western countries expected economic recovery to begin within the next 18 months. Middle Eastern consumers predicted an earlier start at 16 months, as opposed to an suggest the a consumer confidence study conducted by Real Opinions, a Dubai based market research company, in conjunction with marketing communications consultancy Orient Planet.
“Respondents in the UAE posted an optimistic 14-month projection for the commencement of a rebound, although it foresees full recovery to be realised by around late 2012,” it said.
Of the more than 300 UAE families surveyed, 70 per cent said that they had streamlined spending in keeping with the times. However, a significant 19 per cent said that they did not change their budget, with six per cent even reporting increased spending.
An earlier survey released two months ago by Real Opinions showed that average household expenditure decreased for 7 in 10 UAE residents. This amounted to a decrease of 26 per cent in average household expenditure in a typical month.
According to the latest study, which covered the UAE, Saudi Arabia, the UK, the US, Russia and Germany, Eastern and Western households report almost similar drops in their monthly expenditures, at aggregates of 61.5 and 67 per cent, respectively.
Most respondents said the global economy would revert to pre-crisis levels within the next three years. Of the 1,555 respondents from the sample countries, 46 per cent believe that the crisis has not been as damaging as portrayed by media.
“The global economy has become so interconnected that international consumer confidence has become a good gauge of economic trends. There is an urgent need to more accurately measure the activities, perceptions and needs of consumers as we enter what many believe to be the year when slow and steady economic recovery starts,” said Dan Healy, CEO, Real Opinions.
“The philosophy of ‘customer is king’ must be at the fore of doing business in order to cope with the effects of the downturn,” said Nidal Abou Zaki, Managing Director, Orient Planet.
While consumers have been impacted by the crisis, they believe that the situation is not that bad and that full recovery is possible within a matter of just a few years. “It is thus very important for organizations to know their clients better and send the right message out to the markets so that they can be in an advantageous position once the economy starts rebounding,” said Abou Zaki.
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