UAE RETAIL ECONOMY REBOUNDS ON STRONG CONSUMER SPENDING

Majid Al Futtaim POS (point of sales) data shows overall consumer spending was up 20 per cent from January-September 2022 compared to the same period a year ago. Fashion spending increase outpaced other categories in the same period, climbing 23 per cent on the year and gaining 25 per cent on 2019 levels. Alleviated concerns around inflation, a long weekend, and rising tourist numbers have contributed to driving a positive performance for the UAE retail economy as the overall economy stays on track to record its strongest annual GDP growth since 2011. Majid Al Futtaim POS (point of sales) data shows overall consumer spending was up 20 per cent from January-September 2022 compared to the same period a year ago and retail economy growth was 15 per cent, with non-retail up 29 per cent. The retail economy has now grown quarter-on quarter vs 2019 for five quarters in a row, and across all sectors, according to the Q3 2022 State of the UAE Retail Economy report released by the leading shopping mall, communities, retail, and leisure pioneer in the region. Source: Zawya