Dubai News

UAE consumer spend to exceed $261 billion in 2021

By September 14, 2017 No Comments

Consumer spending in the UAE that reached $183 billion in 2016, is forecast to rise at a compound annual growth rate (CAGR) of 7.5 per cent over the next five years to exceed $261 billion in 2021, Dubai Chamber of Commerce and Industry said in a report.

The report, based on recent data from Euromonitor International, revealed that consumer expenditure per household during 2016 was highest in the UAE when compared to other GCC countries, amounting to around $103,000, followed by Bahrain ($96,000).

Housing was identified as the top spending category for UAE consumers with $75.7 billion recorded for 2016, accounting for 41 per cent of total consumer expenditure during the year. Food and non-alcoholic beverages was the second-largest category with $24.8 billion worth of spending during the same year, followed by transport, worth $16.7 billion.