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  • 21-10-20

    UAE: Consumers believe economy to be stronger

    (MENAFN) A recent international survey from McKunsey, a global consultancy agency, has demonstrated that customers in the UAE and Saudi Arabia are the most optimistic worldwide about economy bouncing back after the Cronoavirus pandemic.

    The outcomes of the survey were published on Monday, October 19th, after researching the situation and interviewing individuals from 45 countries in the duration between March and June, where 516 UAE customers were polled in it.
    Sixty one percent of UAE customers were hopeful about the economy improving after taking a dip due to the Cronoavirus pandemic, and believe that the improvement will be happening within two to three months, backed up by a line from the survey: "grow just as strong or stronger than before the outbreak"

    A leader of McKinsey's customer and retail practice in the Middle East, Abdellah Iftahy, mad a statement to The National, saying: "The UAE consumers' optimism reflects their overall confidence in the government and system in terms of their interventions and management of the current situation."

    He also noted that even though the customers are hopeful, they are still "turning more value-centric".

    "Consumers pulled back on spending except on essentials. The biggest winners are groceries, household products as well as digital entertainment services," added Mr Iftahy. "All other categories are suffering, either because consumers are not spending or these sectors are not ripe enough from the perspective of digital engagement."

    The survey didn't take into account only the opinions of clients, but it also took into consideration, customer shopping habits, and alterations in those habits and incomes because of the disease, where in UAE 88 percent of people believe their funds will face a serious hit because of the virus.

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