Retail in the United Arab Emirates is “inching towards pre-pandemic levels” according to Mall of the Emirates-owner, Majid Al Futtaim’s new State of the UAE Retail Economy report.
Spending on fashion items had already reached pre-Covid-19 levels by March this year, a month when consumer spending by residents rose 17 percent month-on-month, the report said.
“On footfall, we are almost back to 2019 levels. On sales, in certain categories we are ahead of 2019; in other categories it is ramping up well,” Majid Al Futtaim’s chief executive Alain Bejjani told The National.
“We are seeing that growth in sales is overtaking growth in footfall,” he added.
Consumer spending in the UAE is forecast to grow 3 percent this year to $146 billion, according to estimates from Euromonitor International.