“Job security is the biggest concern for UAE consumers.  However, despite uncertainty levels tripling over the last six months, we are still among the top 10 countries with a comparatively higher perception of local job prospects.  More than one in three UAE consumers perceives their prospects as good or excellent over the next 12 months,” said Piyush Mathur, regional managing director, Middle East, North Africa and Pakistan at Nielsen.

In comparison, about a quarter of global consumers described their job prospects as bad in the coming year, with Latvians being particularly pessimistic – 78 percent responded negatively.

“Job concerns reflect in consumer spending habits.  For instance, consumers in the UAE are now tending to keep their spare cash in savings and using it to pay off their debts.  They are controlling discretionary spending, especially on clothing, entertainment outside the home and technology upgrades,” said Mathur.

Three out of five UAE consumers have shopped at Calvin Klein and Christian Dior, while one in three have shopped at Gucci, Nielsen reported. 

Globally, UAE shoppers ranked as the second biggest purchasers of Gucci (31%) and Chanel (21%), and third in terms of purchases of Giorgio Armani (19%). 

If money were no object, UAE survey respondents named Chanel and Louis Vuitton as the most coveted luxury brands.

Overall, one in three (31%) UAE consumers said they currently buy designer brands.  Of those, 43% said they believe designer brands are significantly higher quality than standard products, while three in five (59%) said they wear designer brands to project social status.

“Unlike most countries in Nielsen’s Global Luxury Brands survey, which chose two or three luxury brands as their clear favorites, UAE consumers stood out for their purchasing habits of several high-end fashion brands,” Piyush Mathur, regional managing director of UAE, North Africa and Pakistan, Nielsen, noted.  “The  rapid economic growth and new wealth of this country is demonstrated by  consumers’ insatiable appetite for luxury designer brands.  The luxury  brand has become an integral part of UAE lifestyle.”

View the full press release.

Read coverage of Nielsen’s findings in USA Today.