How consumers got their groove back
More good news, according to Sevil Ermin, MD for Nielsen in the UAE: Consumer confidence in the country is in the world’s top ten. She explains how the numbers stack up.
July 25, 2010 6:10 by Samuel Potter
The market is confident as close to one in two consumers feels that the country is not in recession and three in four Saudis feel comfortable about their personal financial situation in the days to come.
This positivity and assurance in both the economy and their financial affairs have also made Saudis become more positive about their spending in the near future.
Fewer Saudis have now come back saying that they will be saving in the days to come (one in three compared to one in two in 2009 first quarter), and increased number have come back saying that they are now planning to travel for a vacation, spend on home decorations and buy new clothing and new technology products. The appetite for risk also seems to be returning where close to two in 10 Saudis are planning to invest in stocks and shares.
This growing positivity is an opportunity for the marketers to cash on; more so in the apparel, technology and tourism industry. Brands need to adopt a push strategy as the consumers will soon be shopping around.
Proactively approaching the consumers should help give one brand an edge over the other, as Saudis have realised that the good days are back and the extra cash in their wallets does not deserve to sit in there for any longer.