Consumers in the UAE spent $ 183 billion in 2016, according to a recent analysis by the Dubai Chamber of Commerce and Industry.
The analysis, based on data from Euromonitor International, predicted spending growth at an annual rate of over $ 261 billion in 2021.
He pointed out that the UAE achieved the highest level of consumer spending per capita, compared to the rest of the GCC countries, which amounted to 103 thousand dollars in 2016, followed by Bahrain worth 96 thousand dollars.
Consumer spending in the UAE is higher than that of other consumer groups at $ 76 billion, or 41% of total consumer spending in 2016.
The second highest consumption category in the country is food and beverage, with spending of $ 25 billion, or 14% of total consumer spending in the same year.
According to the analysis, the communications category is expected to become the fastest growing category of expenditure until 2021 with a CAGR of 10.2%.
This trend is likely to be supported by the proliferation of smartphones and other digital devices. The deployment of smart applications and the adoption of smart city solutions by Dubai are also expected to increase spending in this area.