Kippreport investigates if oil prices aren’t the only cause for the market slumpAugust 27, 2015 12:00
Paint a picture of UAE residents
Are we over-spenders? Are we impulsive buyers? Or are we budget conscious consumers, wary of the still-raging financial crisis worldwide? You tell us.
January 12, 2010 1:52 by Dana El Baltaji
On the one hand, we have Synovate’s consumer profile. It describes UAE residents as brand hungry, impulsive over-spenders, which frankly, we can’t argue with. There are enough supercars and Gucci-clad teenagers in the country to prove that UAE residents have a spending problem (we hate to go off topic, but has anyone noticed a rise in ‘gangsta’-style mall rats dressed in Versace, calling each other homies and the n-word?).
“I think the Middle East is one of the few places today where consumers are not feeling burdened by the economic situation and happy to spend,” Luca Solca, a luxury research analyst with Sanford C Bernstein in London, told The National.
On the other hand, we have Datamonitor’s description, which is of budget conscious consumers, who’re slightly more wary of the world beyond the UAE’s borders. They’ve developed new spending habits to cope with the current economic situation, but “once we return to prosperity,” explained Richard Adams, an analyst at Datamonitor, “this trend will play itself out gradually. But in the short term, I think it is an established trend. Consumers are looking for the best deal.”
We can’t decide which description we agree with more. Help us out.
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