Despite global uncertainty, consumer confidence in the Middle East is at a record, the latest MasterCard Worldwide Index of Consumer Confidence showed. The survey noted that all five economic indicators shot up throughout the region compared to six months ago and now are outpacing Asia/ Pacific (61.5) and Africa (73.8). By comparison, the survey said that consumer confidence is "highest in Oman with a remarkable score of 99. Saudi Arabia ranked second regionally with a score of 98.6. Qatar earned third position with a score of 95.7. MasterCard survey across the Middle East are even more optimistic about the health of business sectors within their markets. "Overall, in the Middle East, consumer confidence has gone up significantly compared to six months ago (83.4 vs 71.6)," the survey said. "Respondents were most optimistic about regular income (86.8 vs 83.0 six months ago) and least optimistic about the stock market, even though the latter indicator has increased drastically in the last six months (81.5 vs 63.2)." In a survey of 17,620 respondents in 25 markets, the MasterCard Worldwide Index of Consumer Confidence posted the country's strongest showing ever in the retail, travel and hospitality sectors. "Consumer confidence in the UAE is at a record high, with a score of 95.6 showing significant improvement from six months ago (73.6), a year ago (82.4) and even 18 months ago (86.1)," MasterCard said. "In fact, the latest consumer confidence score for the UAE is the highest that it has been since 2004 and is significantly higher than markets such as China (78.3), Hong Kong (69.9) and India (75.2)." The scale of the study is weighed with 100 being the most positive and zero being the most pessimistic when it comes to economic expectations for the next six months. Raghu Malhotra, general manager, Middle East, MasterCard Worldwide, said survey figures suggest that consumer confidence may climb even higher later this year. In another report, Nielsen Global Online Consumer Confidence Survey said in the Middle East/North Africa region, Egyptians' overwhelming elation of a new nation led to a 29 point surge to a score of 102 for the country - the highest confidence increase among all markets tracked in first quarter. "The joy of gaining civil and political freedom and experiencing the first truly free voting has raised consumers' expectations and hopes for faster economic growth," said Khaled El Tohami, managing director, Nielsen Egypt. Egypt's new-found confidence spread to Saudi Arabia (+11) and UAE (+12) countries, which both enjoyed double-digit increases compared to the previous quarter. Rising fuel and food prices are taking a toll on consumers around the world as more and more households are spending a higher proportion of their limited income on these necessities," said Dr. Venkatesh Bala, chief economist at The Cambridge Group, a part of The Nielsen Company. "As spare cash continues to dwindle, consumers are taking actions to save on household expenses by spending less on non-essential items and activities … more than half of respondents indicate that they will spend less on new clothes, out-of-home entertainment and gas/electricity. Forty-seven percent of consumers plan to switch to cheaper grocery brands and 44 percent will cut down on take
