UAE Business: UAE consumer spending increases by 22% in H1 – Gulf Digital News

UAE Business: UAE consumer spending increases by 22% in H1 – Gulf Digital News

Overall spending in the UAE increased by 22% in January to June 2022 (H1) from the same period last year, driven by growth of 16% in retail spending and 31% in non-retail sectors, a report said.

The latest State of the UAE Retail Economy report released by Majid Al Futtaim, the leading shopping mall and leisure pioneer across the Middle East, Africa and Asia shows signs of optimism that point to a continued economic rebound.

In the first half of 2022, the retail general category was up by 15% from the same period in 2021, contributing 44% growth to the overall retail economy. Spending increased on food and beverages (15%), hotels (14%) and pharmacy and health (14%).

While rising prices have not put a brake on consumer spending, they have influenced what people buy and where they spend their money, according to an analysis of Majid Al Futtaim's point-of-sale transactions. In Q2, spending on fashion & accessories and watches & jewellery rose by 20% compared with the first three months of the year, driven mainly by seasonal discounts and Ramadan promotions.

Indeed, as spending continues to grow across the retail sector, shopping in stores and online is rising. The research further reveals that omnichannel