UAE Consumers Ditch Luxury Brands for Groceries

Toluna’s Global Consumer Barometer Wave 24 report reveals changes in how UAE consumers are spending their money. Due to economic uncertainty, they’re putting more of their budget towards essentials like groceries (56%) and personal care (49%), while cutting back on luxuries and social outings such as dining out and takeout.

Georges Akkaoui, Toluna’s Regional Director for Middle East and Africa, points out this shift in behavior is due to financial pressures. Many UAE consumers are focusing on saving (53%) and using cash (42%) to manage their spending until the economy stabilizes. Despite this cautious approach, 60% of UAE consumers expect their finances to improve in the next three months, which is higher than the global average of 37%.

Furthermore, UAE consumers are more confident about spending money (42%) compared to the global average (22%). This optimism reflects their positive outlook amidst economic challenges, highlighting their strategic approach to financial decisions in the current climate.

Source: Campaign Middle East