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UAE consumer spending tops $168bn

AL AIN, May 13, 2015

The consumer spending in the UAE has increased to $168 billion in 2013 from $150.4 billion in 2012, a regional retail expert said quoting the National Bureau of Statistics, UAE.

The spending in the US rose to $10,972 billion in 2013 from $10,912 billion in 2012, according to the report.

Bassam Saleh, marketing manager of Bawadi Mall, said: “The US consumer spending is a way higher, given the higher US population of 317.3 million in 2013, compared to the UAE’s population of 9.4 million, according to Trading Economics.

“Consumer spending is defined as the amount of money spent by households in an economy. The spending includes durable and non-durable goods.”

The consumer spending in the UAE averaged $ 5,064.49 billion from 1950 until 2014, reaching an all-time high of $ 10,972.10 billion in the third quarter of 2014 and a record low of $1,320.40 billion in the first quarter of 1950, said the report.

According to Bureau of Economic Analysis, personal consumption expenditures, about a third of consumers’ money goes towards goods.

This includes so-called durable goods, such as washing machines, automobiles and furniture, as well as non-durable goods, such as groceries and clothing.

Trading Economics provides accurate information for 196 countries, including data for more than 300,000 economic indicators, exchange rates, stock market indexes, government bond yields and commodity prices.

Saleh added that the UAE is one of the most developed countries in the Arab world and has one of world´s highest GDP per capita. The retail trade activity in the country is a significant index of the growing contribution of retail in the national GDP.

The UAE, in an effort to diversify the economy and reduce the dependence on oil revenues, has been making huge investments in other sectors, including retail and shopping, he said. - TradeArabia News Service




Tags: retail | consumer | Spending | rise |

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