In the first quarter of this year, consumer trust in Dubai reached its highest level since 2015, as nationals and residents put their faith in government policies amid the challenges of the Covid-19 pandemic. The Consumer Trust Index published by Dubai Economy in the first quarter of 2021 was 145 points, up from 139 points the previous year and 142 points in the fourth quarter of 2020.

The rise, according to Mohammed Ali Rashed Lootah, CEO of Dubai Economy's Commercial Compliance and Consumer Protection (CCCP) sector, is due to "improvements in consumer personal finance conditions."

“Consumers displaying optimism about their financial circumstances increased to 77% in the first three months of this year, up from 70% in the last quarter of 2020,” Lootah Said.

Personal financial conditions in the next 12 months are also evident in 84 percent of consumers, compared to 73 percent in the previous year's same timeframe. “The index also shows that Emiratis have the highest level of optimism about current personal finance conditions, at 89 percent, while Arab expatriates have the highest level of optimism about personal finance improving in the next 12 months, at 87 %,” Lootah said.

Approximately 87 % of people believe their chances of finding work will increase over the next 12 months, with those in the 30-39 age group being the most positive. 89 % of Emiratis were hopeful about the economy, while 87 percent of Western expatriates felt the same way. In terms of money left over after meeting basic needs, 38% plan to spend it on holidays and 37% on outdoor entertainment, while 34% intend to save.

Consumers are planning to cut back on purchasing new clothing (48%), postpone technology improvements (43%), and order fewer meals from outside restaurants as part of their budgeting efforts. This index tests a consumer's attitudes toward the overall economy, personal finance, and work prospects, and their purchasing and saving intentions and expectations. This research aids in the development of consumer protection policies, and allows the private sector to estimate demand and establish marketing strategies.

The UAE, according to Lal Bhatia, chairman of the Hilshaw Party, is one of the first countries to accept Covid-19 as a healthcare problem rather than an economic catastrophe. He says, “The country's response and approach to pandemic management was nothing short of legendary, and this increase in consumer trust is proof of its success.”

What's interesting is the report's timeline, which shows a dramatic increase in morale starting in the fourth quarter of 2020, when Dubai opened its borders to foreign travelers and we saw the beginning of the return to social normalcy. This is great evidence that economic trust and stability are based on the human happiness quotient, which can only be accomplished through a regulated and gradual period of stability and the post-Covid period.

The findings in the study, according to Haleema Al Owais, CEO of Sultan bin Ali Al Owais Real Estate, were unavoidable and are the fruits of the country's leadership's efforts and wisdom sown last year through Covid-19's remarkable management. The UAE is one of the first countries to recover in a long-term period. Providing free vaccination, PCR testing, and containment infrastructure for those infected with the virus, the report's findings start to make much sense.