UAE’s consumer spending expected to grow by 5% in 2024, as per Mastercard report
UAE is anticipated to continue being among the top 10 fastest-growing destinations for Europeans
In the forthcoming year, the UAE is anticipated to experience an upsurge in consumer spending and maintain its allure for a substantial influx of European visitors, as highlighted in the latest report by the Mastercard Economics Institute (MEI).
The MEI’s Economic Outlook 2024 forecasts a robust 5% year-over-year growth in real consumer spending across the emirates for the upcoming year. Comparatively, Saudi Arabia and Egypt are expected to witness growth rates of 4.3% and 1.2%, respectively, according to the report.
The broader Middle East and North Africa (MENA) region faces an environment where consumers and businesses are poised to confront crucial decisions in managing their expenditures and investments amidst mounting costs, as highlighted in the report.
This projection aligns with a continued narrative where the UAE stands as a magnet for European tourists, underpinned by the forecasted increase in consumer spending. This anticipated growth reinforces the country’s resilience and appeal in the global marketplace despite prevailing economic challenges.
The insights unveiled by the MEI underscore the criticality of fiscal decisions and strategic approaches to spending and investment within the MENA region in navigating the economic landscape of the upcoming year.
