Kavan Choksi: Did UAE's Retail Economy Bounce Back After COVID Blow?

Kavan Choksi believes the UAE has one of the most resilient economies, even after the COVID setback. According to Majid Al Futtaim's point-of-sale (POS) data, the UAE's retail economy surpassed 2019 levels in 2021, with a 4.5 percent increase in consumer expenditure. Additionally, according to Majid Al Futtaim, tourist spending in the UAE grew 22 percent in 2021 compared to 2019, whose shopping complexes had an 11 percent increase in traffic in the fourth quarter of last year compared to the previous year. It also stated in a new analysis that e-commerce grew by 104 percent in 2021 compared to 2019 POS data.

The company's quarterly State of the UAE Retail Economy report, now in its fourth edition, verified the most significant increase in expenditure so far, clearing the way for 2022 to continue on an upward trajectory. Additionally, Kavan Choksi believes the Expo 2020 improved worldwide immunization rates and increased international travel bolstered consumer sentiment and overall expenditure in the last quarter of 2021.

According to a survey conducted by Majid Al Futtaim's happiness lab, future optimism also increased, reaching 33% in Q4 2021. In addition, consumer confidence has risen, with 92 percent of respondents believing the UAE economy is doing well.

Kavan Choksi believes the UAE has made remarkable achievements over the previous months to recover successfully from the lingering consequences of the epidemic. For example, data from recent studies show that the economy benefited from a solid fourth quarter last year. All sectors reported growth or maintained momentum to end the year on a high note. Additionally, it implies that consumers have recovered faith in the UAE's economic stability, as evidenced by increased spending across all retail sectors.

Expo 2020 has adequately focused on the region's vibrancy and investment potential. Additionally, shopping trends and the use of virtual reality will continue to define the future of retail, and Kavan Choksi believes that in 2022, shoppers will seek out experiences that mix the best elements of both e-commerce and physical retail to satisfy their needs.

Increased consumer awareness and involvement with sustainability are on the rise, indicating a behavioral shift that will be a significant trend in 2022. So, Kavan Choksi believes the UAE will continue into 2022 with a fresh feeling of confidence and a belief that the region can profit from continued policy innovation, a tourism resurgence, and steady global recovery.

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