Gulf expats maintain their spending levels

According to an economic report submitted by the global consulting firm, Booz and Company, expatriates living in the GCC countries were able to maintain the same level of spending, despite the ongoing global financial crunch.

The consumers in GCC countries showed enough confidence in spending, which helped in contributing and minimized the effects of global financial crisis, Booz and Company said in its report.

Few consumers were able to lower their shopping activities and focus on lower priced products, while avoiding expensive and luxury goods, revealed the economic review by the company.

The report said that the consumers were purchasing grocery products due to the stability in prices, and stayed away from in-house material products that are rather expensive.

The report pointed out that the rich families in GCC countries were the most economical in their spending, including the ones that were not-so-affected by the current financial global crisis, and its repercussions, and are more dependent on their economic future.

Posted on 22/7/2009

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