Double-digit increase in UAE consumer spending in 2023


Majid Al-Futtaim, a leading shopping mall, communities, retail, and leisure pioneer across the Middle East, Africa, and Asia, released its annual “State of the UAE Retail Economy” report for 2023. The report revealed that the UAE economy has remained resilient amid recent geopolitical tensions and economic headwinds, with the country’s gross domestic product expanding 3 percent on the back of a robust performance from non-oil sectors. Consumer spending in the retail economy displayed robust growth throughout the year, delivering a 13 percent increase in 2023 vs. 2022. While data showed a slowdown across the retail sectors in H2 2023 vs. H2 2022, this was found to be the result of a higher base effect from the previous year’s FIFA World Cup, which had given impetus to consumer spending due to a surge in tourism for that period. Overall, absolute consumer spend in 2023 was split evenly across the first half and the second half of the year, driven by a 14 percent increase in the UAE’s retail economy, including fashion (31 percent), general retail (16 percent), leisure and entertainment (15 percent), and hypermarkets and supermarkets (3 percent), and a 12 percent increase in non-retail spending in areas such as real estate services (100 percent), petrol and gas stations (28 percent), transportation (57 percent), and airlines (25 percent).

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