Majid Al Futtaim’s ‘State of the UAE Retail Economy’ report reveals 13 per cent consumer spending increase in 2023

Majid Al Futtaim’s ‘State of the UAE Retail Economy’ report reveals 13 per cent consumer spending increase in 2023

Image Credit: Majid Al Futtaim Properties

Dubai: Majid Al Futtaim released its annual' State of the UAE Retail Economy' report for 2023. The country's Gross Domestic Product (GDP) expanded by 3 per cent due to a robust performance from non-oil sectors.

Consumer spending displayed robust growth throughout the year, delivering a 13 per cent increase in 2023 vs. 2022. Overall, absolute consumer spending in 2023 was split evenly between the first and second half of the year, driven by a 14 per cent increase in the UAE's retail economy and a 12% increase in non-retail spending.

Ahmed Galal Ismail, Chief Executive Officer at Majid Al Futtaim – Holding, said: "The UAE's far-ranging social and economic ambitions continue to fuel the Nation's success in creating long-term prosperity for its people. Over the past 12 months, its proven resilience to external pressures, progressive policy-making, and an investor-friendly business environment have seen the UAE further strengthen its position as a lighthouse for the MENA region."

70

%

of 2023 ecommerce transactions spent on mobile phone



The UAE successfully reduced inflation from a high of 5.2 per cent in 2022 to 3.3 per cent in 2023.

E-commerce

E-commerce penetration in the UAE has more than doubled since