UAE - Mubasher: The UAE's retail sales are forecast to recover and grow by 13% to $58 billion by the end of 2021, according to a new analysis from the Dubai Chamber of Commerce and Industry.
This announcement was made by experts at a conference titled ‘Let’s Talk Shop’, organised by Images RetailME in association with Freshworks, a customer service and solutions software business, according to a press release on Thursday.
Higher retail sales will be attributed to pent-up consumer demands in the second half (H2) of 2021, the coronavirus (COVID-19) vaccination, and Expo 2020 Dubai.
Meanwhile, the UAE retail sales are expected to maintain 6.6% annual growth in the medium term to record $70.5 billion by 2025.
The household spending on e-commerce in the UAE reaches $2,554 per household, which is double the value of the global average of $1,156.
Hence, the UAE tops the Middle East and North Africa (MENA) region in terms of household spending on e-commerce.
In addition, companies with a $1 billion annual turnover are expected to earn an additional $700 million within three years of investing in customer experience, as shown by a recent study.
