Retail consumer spending in UAE jumped by 14 per cent in Q1 2022

Retail consumer spending in UAE jumped by 14 per cent in Q1 2022

The non-oil economy is expected to grow by 3.9 per cent this year.

Published: Sat 30 Apr 2022, 12:06 AM Last updated: Sat 30 Apr 2022, 12:08 AM

Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, today launched the latest in a series of quarterly reports titled State of the UAE Retail Economy, uncovering key economic data, trends and insights into consumers’ behaviour patterns, spending habits and sentiment in the UAE.

The report highlights a 14 per cent jump in Q1 2022 retail consumer spending in the UAE compared with the same period in 2019, indicating that the nation’s post-pandemic economy continues to recover strongly.

The latest collection of data demonstrates that resilience, confidence and stability have returned, along with growth that exceeds pre-pandemic numbers. While the economic recovery is on a firm footing, challenges remain; foremost among them is inflation. However, rising prices have had little impact on consumer confidence in the economy, with 89 per cent of respondents to a survey by Majid Al Futtaim’s Happiness Lab expressing optimism. This same survey revealed that the month of Ramadan is expected to boost spending on food and beverages, with groceries topping the