More than half of consumers in the UAE and Saudi Arabia say they’re cutting back on spending, amid rising inflation and an increase in the cost of basic goods.
A study by McKinsey, the management consulting firm, also found the number of people who shop for products online has doubled in the past two years, with 42 per cent receiving online deliveries at least once per week, including groceries, household cleaning products, consumer electronics and clothing.
The Middle East Consumer Sentiment Survey asked more than 2,200 people in Saudi Arabia and the UAE about their spending habits.
Consumers in both countries are actively trading down and looking for cheaper grocery options that offer similar quality
McKinsey representative
Consumers, especially those in Saudi Arabia, said they are increasingly cost-conscious and are less loyal to brands, with more than half actively looking for cheaper alternatives.
There are several reasons why. Pandemic shopping habits have remained, while others have found that Amazon-style online marketplaces are selling basic foodstuffs for less than supermarkets will.
“Economic uncertainty, job insecurity and a protracted pandemic have made consumers more price conscious,” the global consultancy firm said in a report this week.
“More than 50 percent of consumers in both the UAE and Saudi Arabia are cutting back on spending.
“Consumers in both countries are actively trading down and looking for cheaper grocery options that offer similar quality, with the change being the most pronounced in the lower income groups.”
Respondents from both countries said they were forced to make adjustments to their spending habits over the past two years, in order to regain some of their purchasing power.
Price sensitive, digitally savvy
The report found that a new type of consumer is emerging in the Gulf region, one who is more “price sensitive, digitally savvy, and socially responsible”.
People said they also have less time to shop in person than they did in the pandemic, with many now preferring a digital first approach to shopping which has led to an exponential increase in e-commerce adoption in the Gulf region.
Younger, internet-savvy populations are driving the increase, the report said.
“Incumbent retailers are competing with a growing number of digital market entrants, including super apps, social media players, aggregators and global e-marketplaces,” it added.
This trend is expected to gain pace over the next few years, with the UAE retail mobile-commerce market projected to grow at 19 per cent annually by 2025.
Moving away from finance, shoppers have also become more conscious of social issues, by choosing products and supporting brands that are good for them, good for their neighbours and good for the planet.
The report found that conscious eating is also on the rise, with around 51 per cent of UAE-based consumers reading nutrition labels before purchasing foodstuff.
While 48 per cent said they buy locally sourced food, too. And, for the millennial consumers in particular, they said they prefer brands that use sustainable packaging.
Disability on screen
Empire — neuromuscular disease myasthenia gravis; bipolar disorder; post-traumatic stress disorder (PTSD)
Rosewood and Transparent — heart issues
24: Legacy — PTSD;
Superstore and NCIS: New Orleans — wheelchair-bound
Taken and This Is Us — cancer
Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)
Grey’s Anatomy — prosthetic leg
Scorpion — obsessive compulsive disorder and anxiety
Switched at Birth — deafness
One Mississippi, Wentworth and Transparent — double mastectomy
Dragons — double amputee
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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The five pillars of Islam
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
SHOW COURTS ORDER OF PLAY
Centre Court (4pm UAE/12pm GMT)
Victoria Azarenka (BLR) v Heather Watson (GBR)
Rafael Nadal (ESP x4) v Karen Khachanov (RUS x30)
Andy Murray (GBR x1) v Fabio Fognini (ITA x28)
Court 1 (4pm UAE)
Steve Johnson (USA x26) v Marin Cilic (CRO x7)
Johanna Konta (GBR x6) v Maria Sakkari (GRE)
Naomi Osaka (JPN) v Venus Williams (USA x10)
Court 2 (2.30pm UAE)
Aljaz Bedene (GBR) v Gilles Muller (LUX x16)
Peng Shuai (CHN) v Simona Halep (ROM x2)
Jelena Ostapenko (LAT x13) v Camila Giorgi (ITA)
Jo-Wilfried Tsonga (FRA x12) v Sam Querrey (USA x24)
Court 3 (2.30pm UAE)
Kei Nishikori (JPN x9) v Roberto Bautista Agut (ESP x18)
Carina Witthoeft (GER) v Elina Svitolina (UKR x4)
Court 12 (2.30pm UAE)
Dominika Cibulkova (SVK x8) v Ana Konjuh (CRO x27)
Kevin Anderson (RSA) v Ruben Bemelmans (BEL)
Court 18 (2.30pm UAE)
Caroline Garcia (FRA x21) v Madison Brengle (USA)
Benoit Paire (FRA) v Jerzy Janowicz (POL)
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
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Checks continue
A High Court judge issued an interim order on Friday suspending a decision by Agriculture Minister Edwin Poots to direct a stop to Brexit agri-food checks at Northern Ireland ports.
Mr Justice Colton said he was making the temporary direction until a judicial review of the minister's unilateral action this week to order a halt to port checks that are required under the Northern Ireland Protocol.
Civil servants have yet to implement the instruction, pending legal clarity on their obligations, and checks are continuing.
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
